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Thursday, August 11, 2022 11:05:30 PM
By: Reuters | August 11, 2022
TOKYO (Reuters) -Shares in SoftBank Group Corp rose 5% in morning trading in Tokyo on Friday after the Japanese conglomerate said it would book a $34.1 billion gain by trimming its stake in Alibaba (NYSE:BABA) Group Holding.
SoftBank Chief Executive Masayoshi Son is moving to shore up his group's cash reserves and accelerating asset sales after the Vision Fund investment arm booked a $50 billion loss in the six months to June-end as the value of his tech portfolio collapsed.
Alibaba's U.S.-listed shares rose 2.6% on Thursday, when the Tokyo market was closed for a national holiday.
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