The company said Ma will leave on June 25
Jack Ma leaves SoftBank’s board after 13 years. Source: flickr.com
According to LearnBonds, Alibaba’s co-founder Jack Ma will quit SoftBank’s board after it faced a record $13 billion operating loss.
This significant loss was caused by a range of poor bets in its $100 billion Vision Fund, which has backed businesses such as Uber, office rental company WeWork, and Indian hotel chain Oyo.
In general, SoftBank’s Vision Fund has backed 88 startups with a total of $75 billion. The company stated that philanthropy is the main reason for Ma’s departure.
SoftBank’s founder, Masayoshi Son, was one of the earliest investors in Alibaba. Therefore, the relationship between Ma and Son goes back over 20 years.
At the same time, Softbank has proposed 3 new appointments to the board. These include Lip-Bu Tan, chief executive of chip design software firm Cadence Design Systems, Yoshimoto Goto, Softbank’s Chief Financial Officer, and Yuko Kawamoto, a professor at Waseda Business School.
We’ve reported that Alibaba Cloud and US security platform Cloudflare announced their partnership thus expanding the Bandwidth Alliance found in September 2018.
SEE ALSO:
