ALBAWABA - Masayoshi Son, CEO of SoftBank, lost almost $2.6 billion in just two days as SoftBank shares dropped for two days after Bank of Japan increased interest rates earlier than anticipated.
SoftBank Group shares drop
SoftBank Group shares fell almost 8% on Friday and the stock prices decreased to almost 14% for more than two days. Despite the major decline, Son's fortune is still recorded at almost $2.7 billion larger than the beginning of 2024, according to Bloomberg Billionaires Index.
Son owns the majority of SoftBank’s shares which are valued at nearly $78 billion. Most of these shares are used as assets for loans from other banks.
SoftBank Group shares fell almost 8% on Friday and the stock prices decreased to almost 14% for more than two days. (Shutterstock)
SoftBank Group, a Japanese multinational investment holding company, and Softbank, one of the world's largest technology investors, recorded a remarkable increase in their shares by 46% on July 2024.
The company owns most of Arm Holdings, a British semiconductor and software design company, that recorded shares boost earlier this year amid AI expectations. However, Arm Holdings shares also fell 16% after its sales forecast.
Japanese market drop
It is worth mentioning that Japanese stocks documented major drops recently, which is considered the biggest since 2016. Japanese currency recorded a major increase amid Bank of Japan recent shared interest rates.
