SoftBank plans to sell some or all of its 9% stake in SoFi

SoftBank plans to sell some or all of its 9% stake in SoFi

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Japanese conglomerate SoftBank Group Corp plans to sell its stake in digital personal finance company SoFi Technologies Inc, according to a filing late on Monday.

SoFi shares fell 3% in extended trading.

On Monday, SoftBank sold 6.7 million shares in SoFi at a weighted average price of $8.17 per share, three days after it sold 5.4 million shares at a price of $7.99.

SoftBank also posted a record $23.1 billion loss in the April-June quarter on Monday and said it plans to cut headcount at its flagship Vision Fund investing arm.

To raise cash, SoftBank has exited companies including Uber Technologies and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.

SoftBank’s chief executive officer Masayoshi Son has suffered a series of high-profile reversals after big bets by the first Vision Fund in late-stage startups such as office sharing company WeWork Inc soured, prompting him to tighten investment controls with the second fund.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)

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