The news: SoftBank Vision Fund, the Japanese giant's tech investment arm, is planning further layoffs after cutting its workforce by 30% last year. At least 13% of Vision Fund employees will likely be affected, primarily in the U.S. Why it matters: Following five consecutive quarters of losses, the Vision Fund's layoffs reflect the challenging environment for technology investments. Global startup valuations have suffered due to concerns about unprofitable companies, rising interest rates, economic difficulties, and more. By the numbers: Vision Fund recorded a loss of ¥4.3 trillion ($30B) for the fiscal year ending March 31, compared to a ¥2.55 trillion ($1.6B) loss in the previous year. Founder Masayoshi Son has said SoftBank is in "defense mode" as it prepares for different scenarios, including the possibility that the market may not recover until early 2024. Vision Fund's fiscal year investments decreased to around $3.2B from $44.3B YoY. It's expected that SoftBank will continue to be more selective with its investments in the future.
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