SoftBank posted one of its biggest losses at its Vision Fund investing arm on Monday, as technology stocks continue to plunge amid rising interest rates.
The Japanese bank’s flagship Vision Fund lost 2.93 trillion Japanese yen ($21.68 billion) for the June quarter.
The result caps a difficult six months for the fund, which posted a record $26.2 billion quarterly loss in May after rising interest rates and political instability hammered markets globally.
“The market and the world are in confusion,” SoftBank’s founder and CEO Masayoshi Son said during a presentation on Monday. The CEO added that the company has been “more selective in making investments.”
Tech oriented Vision Fund began in 2017 and is known for betting on startups like Uber and Didi.
According to reports the Japanese giant is selling its stakes in companies to raise money, including ride-hailing firm Uber and online real estate company Opendoor. SoftBank raised $5.6 billion from these sales.
SoftBank said it sold its Uber holdings between April and July at an average price of $41.47 per share. The bank said the average cost per share was $34.50.