Distraction can be an effective form of pain relief. SoftBank Group boss Masayoshi Son was candid about the hurt of the $3.5 billion loss the Japanese technology investor suffered in the three months to September after big bets soured, including Korean retailer Coupang and Chinese ride-hailer Didi Global . But he gave shareholders what they wanted with a new $8.8 billion share buyback programme.
The risk is that the cash balm isn’t big enough to soothe investor angst. SoftBank shares are down a quarter since its last $22 billion buyback plan ended in May, weakened by what Son called the “blizzard” that had hit markets, including China’s multi-pronged regulatory crackdown. The $94 billion company’s shares are languishing at a 52% discount to net asset value.
Ever the optimist, Son said he saw green shoots including the pending sale of chip designer Arm to Nvidia , which faces intense scrutiny from antitrust regulators. He’ll need to put more proceeds towards a bigger buyback before investors feel the same spring-like confidence. Abrdn mulls a well-aimed return to dealmaking
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