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  4. Activist investor Elliott sells down remaining SoftBank stake -FT
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Activist investor Elliott sells down remaining SoftBank stake -FT

(Reuters) -Activist investor Elliott Management has sold almost all its remaining shares in SoftBank Group Corp after previously investing as much as $2.5 billion, the Financial...
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Activist investor Elliott sells down remaining SoftBank stake -FT © Reuters. FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

(Reuters) -Activist investor Elliott Management has sold almost all its remaining shares in SoftBank Group Corp after previously investing as much as $2.5 billion, the Financial Times said on Tuesday, citing unidentified sources.

Elliott had already cut back its stake as the Japanese conglomerate's shares appreciated, supported by a record buyback programme. SoftBank's portfolio has subsequently been hit by a collapse in tech valuations as investors turn sceptical on the high-growth stocks it favours.

SoftBank's shares exceeded dot-com bubble highs in March 2021 but have lost almost half their value as its portfolio slid. The group this month reported a loss of $50 billion at its Vision Fund investment arm in the six months to June-end.

The exact size and timing of the recent sell-down was unknown but it took place earlier this year as SoftBank was affected by the tech downturn, the paper said, citing one of the sources.

Elliott had built its stake into one of its largest-ever positions in a company, calling for SoftBank to buy back stock and increase the independence of its board.

SoftBank declined to comment, while Elliott did not immediately respond to a request for comment. Shares of SoftBank fell about 2.5% versus a flat broader market.

($1 = 133.4400 yen)

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01-05-2024 10:45:17 (UTC+7)

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 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
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 Crude Oil WTI81.14↑ Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
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 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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