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Softbank Looking to Cut Alibaba, Sprint Share Stakes (Report)
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variety.comSoftbank, the giant Japanese investment group that has made huge bets on the sharing economy, is looking to cut its stake in Alibaba, according to reports.
And possibly in Sprint too. On Monday, Masayoshi Son, founder and CEO of the heavily indebted Softbank, said that he would raise or monetize $41 billion of assets, in order to put the group on a sounder financial footing.
The company did not specify which assets are to be sold. On Tuesday, Bloomberg reported that more than a third of the total would be raised by selling a $14 billion tranche of shares in Chinese e-commerce giant Alibaba.
That would represent about 3% of Alibaba’s total equity capital, which is traded in New York in ADR form and, in a secondary listing, as shares in Hong
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