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SoftBank Vision Fund To Lay Off 20% of Employees in Shift To Bold AI Bets
An anonymous reader shares a report: SoftBank Group will lay off nearly 20% of its Vision Fund team globally as it shifts resources to founder Masayoshi Son's large-scale AI bets in the United States, according to a memo seen by Reuters and a source familiar with the plan. The cuts mark the third ro...
An anonymous reader shares a report: SoftBank Group will lay off nearly 20% of its Vision Fund team globally as it shifts resources to founder Masayoshi Son's large-scale AI bets in the United States, according to a memo seen by Reuters and a source familiar with the plan. Unlike previous rounds, when the group was saddled with major losses, the latest reductions come after the fund last month reported its strongest quarterly performance since June 2021, driven by gains in public holdings such as Nvidia and South Korean e-commerce firm Coupang. While the fund will continue to make new bets, remaining staff will dedicate more resources to Son's ambitious AI initiatives, such as the proposed $500 billion Stargate project -- an initiative to build a vast network of U.S. data centers in partnership with OpenAI, the source added.
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