Jack Ma to resign from SoftBank Group’s board of directors

erek

erek

[H]F Junkie
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Wonder what's going on here? The Jack Ma Empire is crumbling or what?

"SoftBank Group’s announcements were made a few hours before it is scheduled to release a dour first quarter earnings report. The company said last month it expects its $100 billion Vision Fund to lose about $16.5 billion, due largely to the near collapse of WeWork, and the impact of the COVID-19 pandemic on other portfolio companies, including Uber and Oyo. It is also expected to post an annual operating loss of $12.5 billion.

To lower debt and increase its cash reserves, SoftBank Group said in March that it is selling or monetizing $41 billion of its assets and buying back $4.7 billion of its shares.

Ma is the only person out of SoftBank Group’s current 11 directors who is leaving. The company also said it nominated three new board directors for election at the shareholders meeting: SoftBank Group chief financial officer Yoshimitsu Goto; Cadence Design Systems chief executive Lip-Bu Tan; and Waseda Business School professor Yuko Kawamoto."

https://techcrunch.com/2020/05/17/jack-ma-to-resign-from-softbank-groups-board-of-directors/
 
Any relation to Ma ma from Dredd? :cautious:
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The source article mentions he is also pulling back from Alibaba to pursue philanthropy. After 13 years at Softbank he might just be bored with the job. And the double zots from WeWork and Covid probably made the Softbank job far more stressful then it was a year ago. One of the often overlooked advantages of being very very wealthy is you can change carreers and hobbies with little worry about getting kicked out of your house or how you will pay for your next meal.
 
Dead Parrot said:
One of the often overlooked advantages of being very very wealthy is you can change carreers and hobbies with little worry about getting kicked out of your house or how you will pay for your next meal.
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If more people knew this, everyone would want a net worth in excess of $40 billion.
 
erek said:
check out the post prior to yours, opinion?
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I didn't write "you" to be directed at you erek just to all of us in the thread -- I re-read my post and saw how that could come off as pointed -- not my intention at all

gigantic businesses funded by investors and all the free capital that happens to exist these days are just so removed from fundamentals it's hilarious -- just throw darts at a wall with company names on them and invest equal amounts and you'd probably make a better return than these king makers
 
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