SoftBank Cuts Top Executives Wages After its Vision Fund Incur Loss

Japanese conglomerate, SoftBank Group, cut the wages of its top executives after its Vision Fund recorded a historic loss. It was a result of rout in tech stocks, rise in interest rates, and a regulatory crackdown in China. The world's largest tech fund reported a record breaking loss of $27.6 billion.

The pay of its billionaire founder, Masayoshi Son, was stable at around $764,000. This was according to the regulatory filings to the Tokyo Stock Exchange. Son owns about a third of the company. However, chief financial officer Yoshimitsu Goto made $2.3 million in the past fiscal year ended March 31. His earnings marked a deduction from $3.7 million a year earlier. Additionally, the group's telecoms operations' head Ken Miyauchi earnings went down from $4.8 million to $4.5 million.

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