SoftBank Group Corp (OTC:SFTBY) invested $3.9 billion on large technology companies based in the United States, according to a filing with the U.S. Securities and Exchange Commission on Monday.
The Japanese conglomerate purchased 378,470 Amazon.com, Inc (NASDAQ:AMZN) shares for $1.04 billion before June 30, according to the filing, which have netted it a gain of 15.17% as of Monday's closing.
By far the largest gains, of 70%, were made on Tesla Inc. (NASDAQ:TSLA) shares, on the original investment of $123 million, which is worth $200.9 million as of Monday's closing.
Why It Matters
Last week, SoftBank announced the launch of a new asset management venture to purchase stocks of publicly traded companies, Bloomberg reported.
“As an investment company, we need to explore various angles and scope. But our focus is still on companies driving the information revolution,” Chairman Masayoshi Son said at the time.
Last week, the Japanese group posted $12 billion first-quarter profits and beat earnings expectations by near 71%.
The profits were driven by the company’s vision fund, which reported an income of $1.2 billion in the period.
Son has managed to effect a turnaround at the Vision Fund, whose investments in the office space rental firm WeWork and Uber Technologies Inc (NYSE:UBER) had led to a $10.6 billion loss in the preceding quarter.
SoftBank OTC shares closed nearly 0.9% higher at $27.91 on Monday.
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