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Jack Ma quits SoftBank's board as its Vision Fund posts a record $18 billion loss
Alibaba founder Jack Ma is stepping down from the board of SoftBank after the company’s Vision Fund posted record-breaking losses of $18 billion. Ma, whose $41.8 billion net worth makes him China’s richest man, is the latest high-profile figure to exit SoftBank Group, which on Monday posted total annual losses of $13 billion for the year ending March 31. Uniqlo founder Tadashi Yanai stepped down from SoftBank’s board in December, while Nidec founder Shigenobu Nagamori stepped down in 2017. SoftBank did not provide a reason for Ma’s resignation but he has become increasingly focused on education philanthropy ... (full story)