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SoftBank Group Chairman Masayoshi Son, February 12, 2020. Photo: Tomohiro Ohsumi/Getty Images

SoftBank Vision Fund posted a nearly $18 billion operating loss for the fiscal year ended on March 31, with almost $10 billion related to WeWork and Uber.

By the numbers: SoftBank Chairman Masayoshi Son said during an earnings presentation that, while he expects about 15 of the Vision Fund's 88 companies to go bankrupt, another 15 will be successful and make up for the failures and otherwise lackluster portfolio performance.

  • Son also said that SoftBank will not rescue companies that go bankrupt, though he noted that most of the fund's embattled investments are smaller companies.
  • He also expressed optimism for WeWork: "After the end of this coronavirus situation — do you want to have a 20-year lease on an office? Maybe that's not the situation after coronavirus."
  • SoftBank now values WeWork at $2.9 billion as of March 31, down from $7.3 billion just a quarter earlier — and $47 billion at its peak.

As for a second Vision Fund, Son reiterated that the company will continue to invest its own money and hold off on bringing on outside investors.

  • "Because the performance of Vision Fund 1 is not that great, therefore we decided not to do the marketing for Vision Fund 2 for the partners for a while," he said.
  • "However, having said that ... we may be able to see the companies that can boost our performance gradually. So once we see the better performance in Vision Fund 1 we may be able to have some offers from the people other than us to participate in Vision Fund 2."

The big picture: Earlier in the day, the company announced it plans to buy back as much as $4.7 billion of stock and that Alibaba founder Jack Ma is resigning from its board after 13 years.

Go deeper

Uber stock drops after Q2 earnings results

Illustration: Sarah Grillo/Axios

Despite beating analyst revenue expectations for Q2, Uber missed earnings predictions and posted an overall drop in its business.

Why it matters: Uber has been hard hit by the coronavirus pandemic as people continue to limit their activities outside the home.

Resurrecting Martin Luther King's office

King points to Selma, Alabama on a map at his Southern Christian Leadership Conference office in Atlanta in January 1965. Photo: Bettmann/Getty Contributor

Efforts to save the office where Dr. Martin Luther King, Jr., planned some of the most important moments of the civil rights movement are hitting roadblocks amid a political stalemate.

Why it matters: The U.S. Park Service needs to OK agreements so a developer restoring the historic Prince Hall Masonic Lodge in Atlanta — which once housed King's Southern Christian Leadership Conference — can tap into private funding and begin work.

Off the Rails

Episode 4: Trump turns on Barr

Photo illustration: Eniola Odetunde/Axios. Photos: Drew Angerer, Pool/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 4: Trump torches what is arguably the most consequential relationship in his Cabinet.

Attorney General Bill Barr stood behind a chair in the private dining room next to the Oval Office, looming over Donald Trump. The president sat at the head of the table. It was Dec. 1, nearly a month after the election, and Barr had some sharp advice to get off his chest. The president's theories about a stolen election, Barr told Trump, were "bullshit."