SoftBank’s sharing economy bet backfires with coronavirus outbreak

The Business Times | Mar 27, 2020 at 12:00 AM
  • Masayoshi Son has been among the most fervent believers in the sharing economy, investing billions in startups that help people split the use of cars, rooms and offices.
  • In response, the SoftBank impresario launched one of the most audacious deals of his career: sell part of Alibaba Group and other assets to raise US$41 billion to buy back shares and slash debt.
  • In fact, Moody’s questioned the wisdom of selling prized assets into a market downturn and pushed SoftBank’s debt deeper into junk territory.