The chief of SoftBank’s embattled Vision Fund, Rajeev Misra, got a huge pay bump last year despite overseeing a record loss of $18 billion after huge bets on companies like Uber and WeWork flopped by skleb1234
The chief of SoftBank’s embattled Vision Fund, Rajeev Misra, got a huge pay bump last year despite overseeing a record loss of $18 billion after huge bets on companies like Uber and WeWork flopped.... [+]The Vision Fund CEO was awarded a 113% raise, earning $15 million in total compensation for the fiscal year ended in March—more than double his pay a year earlier, according to a regulatory filing from SoftBank on Friday.
Misra, a former Deutsche Bank debt trader, has overseen a period of historic losses for SoftBank’s Vision Fund, in which major bets on companies like WeWork, Uber and hotel chain Oyo have all soured. loss of $18 billion earlier this month, with the overall SoftBank group posting an operating loss of $13 billion.
The Japanese investing conglomerate has been forced to write down its valuation on WeWork from $47 billion in 2019 to just $2.9 billion, while Uber’s valuation has fallen over $10 billion in the past year. Experts think that against the backdrop of SoftBank’s dismal performance, Misra’s compensation package is certainly “high,” and it’s “hard to see how it could be based on performance,” Morningstar analyst Dan Baker
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