continued to book losses.
biggest public offerings of 2016, with investors flocking to the company based on its high revenue from advertising and sales of digital cartoon stickers that users can send to their friends.
$4.6 billion loss from its investment in WeWork, the embattled office space company. WeWork’s value has crumbled after its attempt at a public offering collapsed under scrutiny of the company’s business model and accusations of self-dealing by its founder, Adam Neumann.
SoftBank, which is the world’s largest tech investor, has used its $100 billion Vision Fund to pick winners and losers in the start-up world. But its investment model has come under increasing scrutiny over its large and sometimes quixotic bets on loss-making companies like Uber and the on-demand dog walking company Wag.
At a news conference after the announcement of SoftBank’s financial results, the company’s chief executive, Masayoshi Son, said that he regretted some of his decisions involving WeWork, but that he would not change his company’s underlying strategy of placing big wagers on companies that he believed had the potential to transform entire industries.
Hisako Ueno contributed reporting.