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The CEO of Softbank, Masayoshi Son, warned that profitability is the priority for a company. (Image via Ad Age)
Masayoshi Son: Your dream is better be profitable
Known as a generous benefactor for start-up companies, the CEO of SoftBank, Masayoshi Son, gave a new, tough message for all current and future companies willing to be funded by SoftBank Vision Fund. After the incident of WeWork, Son stated that at least a company has to be profitable.The smiling CEO is no longer smiling during the 3-day meeting of entrepreneurs at Langham Resort, Huntington, Pasadena. Other than ambition as a winning formula, there are two things Son urged in the meeting: good company governance and profitability. These company leaders did not need any further warning to see what if they don’t do what Son asked.
On Tuesday (24/9), SoftBank forced WeWork co-founder, Adam Neumann, and his other close connection to step down from WeWork board. Neumann still acts as a non-executive chairman. That was the decision taken during the meeting, which Neumann did not attend.
While the incident stained Son’s reputation and portfolio, on the other side of the note, Son displayed a discipline to explain that “no one should be the next Neumann”.
SoftBank’s intervention to its funded companies already happened quite numerous times. Since SoftBank also invested in Uber, one of its conditions was to halt Travis Kalanick from the CEO or Chairman position. Before WeWork, SoftBank led to impeach Tina Sharkey from her position as CEO of Brandless and urge the company to make a profit.
Masayoshi Son had been investing in numerous sectors. His most famous investments were Yahoo! in 1995 at US$2 million and Alibaba in 2000 at US$20 million. Son’s stake in Alibaba is now worth more than US$100 billion. Since the SoftBank Vision Fund had raised more than US$100 billion in 2017, Son had invested in more than 80 companies.
Source: https://www.aljazeera.com/ajimpact/softbanks-message-entrepreneurs-profits-matter-190927012445097.html
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