Quote from the FT :

Someone needs to tell SoftBank boss Masayoshi Son that unicorns are generally drawn without wings. Yesterday the Japanese tech group claimed its investments in billion-dollar-plus “unicorn” start-ups were on the ascent by using a picture of unicorns toppling off a cliff into the “valley of coronavirus” and then magically flying out of the abyss. Mr Son’s visual aid was an attempt to dull the blow of a historic annual? operating loss? of ¥1.3 trillion ($13 billion) in the year to March. A more successful, albeit expensive, fix came by doubling the amount spent on share buybacks. Such short-term measures will have limited impact if SoftBank keeps beating its own dire records. The Vision Fund’s overvalued tech investments — which include WeWork and Uber — have prompted massive writedowns and added to the fund’s ¥1.9 trillion ($17.7 billion) unrealised losses. Of 88 portfolio companies, 50 have recorded a decrease in fair value… Mr Son is confident that a few of his investments will eventually soar above the pandemic and provide 90 per cent of future value in a decade’s time. This is wishful thinking. SoftBank’s unicorns are more likely to plod along than fly.?

Lex.