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Photo illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images

SoftBank and its Vision Fund made a comeback this past quarter. But chairman and CEO Masayoshi Son has already moved on to a new project: a $550 million vehicle for investing in blue-chip public tech stocks like Facebook, Amazon and Apple.

Why it matters: This is part of Son’s ongoing plan to transform SoftBank Group into an investment company.

  • "By having cash on hand, we will be able to enhance our defense power," Son said during Tuesday’s earnings presentation.
  • To make the point further, SoftBank Group will no longer report operating profit, a metric Son says isn't as relevant for an investing business. (Though some reporters seemed unconvinced during Tuesday's presentation.)

By the numbers: SoftBank Group posted a $12 billion net profit for quarter ending in June.

  • SoftBank is also 95% through its asset monetization program (¥4.3 trillion out of ¥4.5 trillion, or $40.4 billion out of $42.3 billion), which it thought would take a year.

Other updates from SoftBank’s latest earnings report:

  • ARM: Son confirmed that SoftBank is evaluating selling a stake in the chip company or an IPO, though he declined to name potential buyers.
  • Vision Fund: After reporting an $18 billion loss last quarter, the Vision Fund is back in the black, with an investment gain of $2.8 billion for this quarter. Son also said that "five or six companies" in its portfolio are currently preparing to go public, though he didn’t name them (of course).

Go deeper

Felix Salmon, author of Capital
Nov 1, 2020 - Economy & Business

The fall of an empire

Illustration: Aïda Amer/Axios

The decline of ExxonMobil has been remarkable in its magnitude and unexpectedness.

Why it matters: While all major oil companies are facing troubles, Exxon has fallen the farthest, in large part because it has made the biggest bets on oil and gas — and the smallest bets on renewable energy.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists — National standardized tests delayed until 2022.
  5. Cities: Los Angeles County issues stay-at-home order, limits gatherings.
  6. World: London police arrest dozens during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.