Japanese business magnate and founder of SoftBank Group Masayoshi Son has lost over $130 million when he sold his position in bitcoin, according to the Wall Street Journal report dated April 23.
Son made the investment in late 2017 when bitcoin had been traded around $20,000. While it is unknown exactly how much bitcoin Son bought, he sold early last year after the speculative digital currency’s value collapsed.
The billionaire made the investment at the recommendation of Peter Briger, the co-chairman of asset management company Fortress Investment Group — SoftBank had bought the investment firm of that person earlier in the same year.
The bet on bitcoin is not the first such quick, risky bet by Son. He is known widely as someone who will make multi-million dollar investments in companies after only spending a short time with founders and CEOs.
Bloomberg estimates Masayoshi’s net worth to be $18.8 billion, noting that it grew by over 54% over the last year. SoftBank Group, on the other hand, reportedly has an annual revenue of $6.3 billion.