SoftBank’s Masayoshi Son steps down from the board of Alibaba
Son took an unforeseen step at the SoftBank Group’s shareholders’ meeting. This news came in after the company announced in the previous month that Ma was stepping down from the board, effective June 25 onwards.
Masayoshi Son, SoftBank Group founder announced on Thursday that he was resigning from the board of Alibaba as Jack Ma, co-founder of the Chinese the huge e-commerce company, also takes off from SoftBank’s board.
Son took this unexpected step at the SoftBank Group’s shareholders’ meeting after his company announced last month that Ma was resigning from the board from June 25 onwards.
Son, an early Alibaba financier, marked their farewell as a vote of confidence in Ma’s descendant as Alibaba chief executive, Daniel Zhang.
Ma had been on SoftBank’s board for nearly 13 years whereas, Son had been on Alibaba’s board for almost 15 years.
“With Jack serving his full term today, I will also leave as a board member of Alibaba,” Son stated moreover adding that this decision was effective Thursday onwards.
Son told, “It’s not because I have lost hope (in Alibaba) or that we had a fight or anything like that. Jack will graduate from us, so I should also graduate as an Alibaba board member. On the same day, effective today, I wished to retire from the board of Alibaba,”
Son had notably invested $20 million in Alibaba in the year 2000. As of Wednesday, Son told that SoftBank held a stake value of 16.2-trillion-yen ($151 billion) in Alibaba.
“For us, Alibaba remains the largest share asset,” Son remarked.
Zhang acquired the Chinese titan in September, as Ma moved his focus on philanthropy.
“The retirement of Jack and me reflects our confidence in Daniel. Complete confidence. I want to continue to hold as many Alibaba shares for as long as possible,” Son added.
Son also informed the shareholders that he had fulfilled his plan of selling about 80 percent or to monetize 4.5 trillion yen worth of capital to support the company’s distressed funds.
About a month ago, SoftBank had declared an $8.9 billion annual net deficit, hugely affected by difficulties with its unicorn investments comprising of WeWork, along with market drops caused by the global pandemic.