By Senad Karaahmetovic
Activist investor Elliott Management has almost fully exited its position in Japan’s tech investing conglomerate SoftBank (TYO:9984), the Financial Times reports.
The hedge fund has sold almost all of its stake in SoftBank after it previously invested as much as $2.5 billion in the investing business, the report added. It appears that Elliott decided to exit its SoftBank position after “losing conviction” in the founder and CEO Masayoshi Son.
In early 2020, it was announced that Elliott had a $2.5 billion stake in SoftBank. A “significant” portion of this stake was divested last year at a profit, the FT report added. It now appears that Elliott sold the rest of its shares sometime earlier this year when the tech sector was under huge pressure.
Elliott’s decision is yet another hit for Son, who said last week he was “ashamed” of how his company performed recently. SoftBank reported a record $23 billion hit last week.
In separate news yesterday, the WSJ reported that Elliott Management has a large position in Cardinal Health (NYSE:CAH) and is asking for several seats on the board.