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SoftBank Group Chairman and CEO Masayoshi Son. Photo: Tomohiro Ohsumi/Getty Images

SoftBank Group reports its earnings Wednesday, which is a bit like hosting a dinner party when your kids have the flu and your kitchen is being remodeled.

Between the lines: Pay most attention to fundraising progress, or lack thereof, for SoftBank's next Vision Fund. Pay less attention to portfolio markups/markdowns, outside of how it may affect potential LP sentiment.

The backdrop: SoftBank announced in July that it had $108 billion in commitments for Vision Fund 2 but, as we reported at the time, those weren't really commitments. They were non-binding memorandums of understanding.

There's an FT report that SoftBank will insist on stronger governance controls at portfolio companies, although that feels like a pretty empty threat.

  • Would SoftBank really deny follow-on funds to an existing investment in need, thus threatening existing value?
  • And given its demonstrated willingness to turn on a founding CEO, how would it sell this to prospective investees?
  • Maybe it's just a Saudi sales pitch.

The bottom line: Vision Fund is larger than all Silicon Valley venture capital funds put together, so the existence/disappearance of Vision Fund 2 will have an earthquake-like impact on the future funding environment.

Go deeper:

Go deeper

Trump political team disavows "Patriot Party" groups

Marine One carries President Trump away from the White House on Inauguration Day. Photo: Patrick Smith/Getty Images

Donald Trump's still-active presidential campaign committee officially disavowed political groups affiliated with the nascent "Patriot Party" on Monday.

Why it matters: Trump briefly floated the possibility of creating a new political party to compete with the GOP — with him at the helm. But others have formed their own "Patriot Party" entities during the past week, and Trump's team wants to make clear it has nothing to do with them.

DOJ watchdog to probe whether officials sought to alter election results

Donald and Melania Trump exit Air Force One in West Palm Beach, Fla., on Jan. 20. Photo: Alex Edelman/AFP via Getty Images

The Justice Department's inspector general will investigate whether any current or former DOJ officials "engaged in an improper attempt to have DOJ seek to alter the outcome" of the 2020 election, the agency announced Monday.

Driving the news: The investigation comes in the wake of a New York Times report that alleged Jeffrey Clark, the head of DOJ's civil division, had plotted with President Trump to oust acting Attorney General Jeffery Rosen in a scheme to overturn the election results in Georgia.