U.S. markets open in 8 hours 52 minutes
  • S&P Futures

    4,560.50
    +23.00 (+0.51%)
     
  • Dow Futures

    34,806.00
    +240.00 (+0.69%)
     
  • Nasdaq Futures

    15,739.00
    +21.25 (+0.14%)
     
  • Russell 2000 Futures

    2,185.80
    +26.50 (+1.23%)
     
  • Crude Oil

    67.82
    +1.56 (+2.35%)
     
  • Gold

    1,782.80
    -1.10 (-0.06%)
     
  • Silver

    22.48
    -0.00 (-0.00%)
     
  • EUR/USD

    1.1291
    -0.0027 (-0.24%)
     
  • 10-Yr Bond

    1.3430
    -1.4480 (-100.00%)
     
  • Vix

    30.67
    -27.95 (-100.00%)
     
  • GBP/USD

    1.3235
    +0.0000 (+0.00%)
     
  • USD/JPY

    113.0100
    +0.2100 (+0.19%)
     
  • BTC-USD

    48,903.95
    -488.36 (-0.99%)
     
  • CMC Crypto 200

    1,259.88
    -181.88 (-12.62%)
     
  • FTSE 100

    7,122.32
    -6.89 (-0.10%)
     
  • Nikkei 225

    27,945.02
    -84.55 (-0.30%)
     

SoftBank’s Vision Fund Sells $2 Billion of DoorDash Shares

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Bloomberg) -- Masayoshi Son has tapped his shareholdings in DoorDash Inc. for the third time in just six months, selling $2 billion worth of SoftBank Group Corp.’s stake in the food-delivery giant.

Most Read from Bloomberg

SoftBank’s Vision Fund on Oct. 27 unloaded 10 million shares at $202.815 apiece, according to a filing with the U.S. Securities and Exchange Commission. Son sold $1 billion worth of DoorDash stock in May and raised $2.2 billion from a sale in August.

Son, known for his reluctance to cash in on investments, has shown a new appetite for exits to finance the accelerating pace of deal-making at his Vision Fund investment arm. SoftBank sold roughly $14 billion worth of listed stocks in the June quarter, nearly triple the amount in the previous period. Over the past six months, the selloff included significant portions of its stakes in some of Son’s biggest IPO hits like DoorDash, South Korean e-commerce giant Coupang Inc. and Chinese online property platform KE Holdings Inc.

SoftBank Sells $1.69 Billion of Coupang as Son Unloads Assets

The billionaire has also used his stakes to borrow billions of dollars. Vision Fund arranged two margin loans in September, regulatory filings show. One is backed by almost all of its $15 billion stake in Coupang, and the other by an undisclosed number of DoorDash shares. The loans will help fund distributions to investors, including sovereign wealth funds from Saudi Arabia and Abu Dhabi, and Son’s Tokyo-based SoftBank Group, people with knowledge of the matter said.

The latest sale of DoorDash stock leaves SoftBank with 33.6 million shares, or about 11% of the food-deliver company -- just over half of the stake it held at the time of the listing in December. DoorDash shares plunged 8.9% in New York last week to close at $194.80.

Most Read from Bloomberg Businessweek

©2021 Bloomberg L.P.