So the reports have it varied but it seems like $4B is SoftBanks current unrealized gain, making for about $8B in total exposure (based on $30B nominal exposure, average Jan 21’ expiry).
If (rather, when) SoftBank tries to cash in on calls that are green now, this should force the underwriters to sell tech stocks and VXN futures to be delta / gamma neutral. This slump will lead to retail investors panic selling and then algos hitting stop loss orders leading to more selling.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.