SoftBank Shares Off 3%

CBJ — Wireless telecom giant SoftBank saw its shares drop by 3% after its parent company SoftBank Group announced it would sell more than 20% of the telco’s shares. Such a sell off would leave SoftBank Group owning no more than 40% of the subsidiary.

SoftBank Group CEO Masayoshi Son has taken aggressive action to cut exposure to the telco while looking to increase cash reserves during the ongoing global pandemic.

Headquartered in Tokyo, Japan, SoftBank Group has ownership stakes in many technology, energy and financial companies. Other subsidiaries where SoftBank has varying degrees of ownership include: T-Mobile U.S, Yahoo! Japan, Alibaba Group, WeWork and Boston Dynamics.