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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.

Hundreds of corporations sign statement opposing restrictive voting bills

Former American Express CEO Kenneth Chenault. Photo: Earl Gibson III/WireImage)

Hundreds of companies and executives released a letter on Wednesday condemning legislation that restricts "any eligible voter from having an equal and fair opportunity to cast a ballot," per the New York Times.

Why it matters: It's the most concerted action yet by big business in opposition to GOP-sponsored bills at the state level that limit mail-in ballots, implement new voter ID requirements and slash registration options, among other measures.

43 mins ago - Axios Twin Cities

Brooklyn Center mayor in the spotlight after Daunte Wright shooting

Mike Elliott has moved swiftly after the death of Daunte Wright. Photo: Kerem Yucel/AFP via Getty Images)

The killing of Daunte Wright by a Brooklyn Center, Minn., police officer has thrust Mayor Mike Elliott into the national spotlight.

The big picture: Elliott, with the backing of the city council, has acted quickly and boldly in the wake of the shooting. He fired longtime city manager Curt Boganey, took control of the police department and called for the firing of officer Kim Potter, who resigned on Tuesday.