Masayoshi Son's SoftBank could take hit with tech firms over disappearance of Jamal Khashoggi
SoftBank’s plunge brings the decline in its market value from a September peak to $22bn
Tokyo — Masayoshi Son has already paid a price for his close ties to Saudi Arabia. It could soon go much higher. Son’s SoftBank plummeted the most in more than two years on Monday after Saudi Arabia came under fire for the disappearance of journalist Jamal Khashoggi. The country is the biggest outside investor in SoftBank’s $100bn Vision Fund, which has backed Uber, WeWork, Didi Chuxing and Slack. Although Saudi officials have denied wrongdoing, Turkish authorities allege the Washington Post writer was murdered after entering a Saudi consulate in Istanbul. The US is pressing for an explanation and considering punishments, while business leaders including the CEO of Uber have pulled out of Saudi Arabia’s “Davos in the Desert” event. SoftBank’s Monday plunge brings the decline in its market value from a September peak to $22bn. Saudi Arabia’s King Salman has ordered an internal investigation into the Khashoggi’s disappearance, which could hold people accountable if the evidence warran...
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