SoftBank Group CEO Son Masayoshi presents earnings figures. Photo: Alessandro Di Ciommo/NurPhoto/Getty Images

SoftBank Group Wednesday morning provided more info on Vision Fund 2, while reporting second-quarter earnings that smashed analyst expectations.

Why it matters: The big news was that SVF2 could begin investing as early as next month, with the trigger being when the original Vision Fund is 85% invested. It was at 68% through the end of June.

  • We also learned that quarterly operating income for SVF1 climbed 66% year-over-year to around $3.8 billion, largely on valuation increases for portfolio companies like OYO, Slack and DoorDash. But it also recorded $1.8 billion in unrealized losses from its stake in Uber, which continues to trade below its IPO price.

SoftBank chairman and CEO Masayoshi Son also was asked about the murder of Jamal Khashoggi, and basically pulled the old "hand-over-eyes, fingers-in-years" routine:

"[I'm] not in a position to know all the details of the incident and, on the other hand, we have to continue with the efforts of AI and the technological evolution to bring benefits to the people, and we are going to make steady steps to achieve that goal."

What they're saying: Son also said he has no plans to comment further on the topic, except that SoftBank continues to be in talks with Saudi's sovereign wealth fund for a commitment into SVF2.

  • Word is that Saudi and UAE infusions could bring in a combined $60 billion, which theoretically could be on top of the $108 billion already announced.
  • But remember that the announced money is just memoranda of understanding, and could be pared back if the Middle East money comes through. One source close to the talks says he wouldn't be surprised if SVF2 isn't ultimately sized close to the original's $100 billion.
  • One big question remains who the big, unnamed investors are in that $108 billion of MOUs. They likely represent a very large chunk, given that we hear at least one of the announced names committed to invest less than $1 billion.

Go deeper

Ben Sasse emerges as GOP Trump critic ahead of November

Sen. Ben Sasse walks to the Senate from the subway to vote in June. Photo: Bill Clark/CQ-Roll Call via Getty Images

Sen. Ben Sasse (R-Neb.) has dialed up his spicy slams of President Trump, including this swipe at yesterday's signing ceremony: "The pen-and-phone theory of executive lawmaking is unconstitutional slop."

Why it matters: Trump increasingly looks — to business and to fellow Republicans — like a loser in November. So they're more likely to create distance to save their own skins. Sasse also won his May primary, further freeing him.

Pelosi: "States don't have the money" for Trump's unemployment order

House Speaker Nancy Pelosi claimed on "Fox News Sunday" that states don't have the funds to comply with the executive order President Trump signed on Saturday, which requires them to cover 25% of an additional $400 in weekly unemployment benefits.

Why it matters: Many state and local governments have had their budgets devastated by the economic impacts of the coronavirus, which have caused expenses to soar and revenues to plunge.

Kudlow says he regrets claiming Trump couldn't use executive order for unemployment

White House economic adviser Larry Kudlow said on CNN's "State of the Union" Sunday that he regrets suggesting this week that unemployment benefits can only be extended by Congress.

Why it matters: President Trump's decision to bypass Congress to sign four executive actions, including one that provides $400 per week in extra unemployment benefits, has prompted outcry from Democrats and even some Republicans who believe he is overstepping his constitutional authority.