via Josh Wolfe:
1/ On SOFTBANK
Of the $95B of Vision Fund 1
-$25B came from Softbank itself
-$60B came from Saudis + Abu Dhabi
-$10B others
Of the 80 investments made
-5 had IPOs
-4 are below IPO price
-Only 1 (Guardant Health) is up
2/ 66% of Softbank’s “profits” came from paper gains in illiquid holdings
-$4B of gains came from Oyo whose “valuation” doubled from $5B to $10B
-The biggest investor was Oyo’s founder
(financed by DEBT—from Japanese bank consortium—who count Softbank as big fee paying customer)
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