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Jack Ma to Quit SoftBank Board, Vision Fund Posts $18 Billion

SoftBank Group posted a record breaking $18 billion operating loss right after the Alibaba co-founder Jack Ma announced he was stepping down from the Board of Directors, said the report.

Jack Ma resignation will be effective from 25th of June, when new appointments will be made at the 40th annual general meeting of shareholders.

A vote will take place for the proposed election of the Yoshimitsu Goto, Lip Tan as new board of direcotds.

“Values of Uber, WeWork and its three affiliates decreased, and total fair value of other portfolio companies decreased significantly,” SoftBank wrote in its financial report.

In the month of April, SoftBank revealed that it was planning to sell down $41 billion in assets, which could include part of its Alibaba Holdings, according to the report.

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