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SoftBank Vision Fund books $2.4 billion quarterly gain boosted by OpenAI bet
SoftBank posted a $2.4 billion gain at its Vision Fund in the December quarter as a jump in the value of its OpenAI investment helped offset losses in some of its other bets.
The Japanese giant said it made a $4.2 billion gain on the value of its OpenAI investment in its fiscal third quarter, which runs to the end of December, offsetting losses stemming from the share price declines of Coupang and Chinese ride-hailing app Didi.
The company also said investment losses were impacted by a markdown in its stake in TikTok creator ByteDance.
This helped SoftBank Group book fiscal third-quarter net profit of 248.6 billion yen ($1.6 billion), which missed analyst estimates, but was a reversal of the loss seen in the same period last year.
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