BackSon cuts SoftBank shares pledged to lenders by about $1 billion
Japanese billionaire holds about 562 million shares directly and indirectly, which are worth $32.5 billion before taking into account collateral
PremiumMasayoshi Son has reduced the number of SoftBank Group Corp. shares he’s pledged as collateral to lenders by about $1 billion, cutting back after heavy borrowing had raised questions about the stability of his technology empire.
Son trimmed his committed shares by about 18 million to 208.7 million, according to a regulatory filing. Japanese billionaire holds about 562 million shares directly and indirectly, which are worth $32.5 billion before taking into account collateral.
Son has revived SoftBank’s fortunes after the stock plunged in March because of business missteps and concerns about the coronavirus pandemic’s impact on his portfolio of startups. SoftBank has since embarked on record assets sales and stock buybacks, helping more than double the share price from a low six months ago.
The SoftBank founder has pledged the most shares to Credit Suisse Group AG and Daiwa Securities Group Inc., followed by more than a dozen other banks, according to the filing. Bank of Singapore was added as a lender since March, with 4.72 million shares committed.
SoftBank didn’t immediately respond to a request for comment.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
