Masayoshi Son , the Japanese billionaire and founder of SoftBank Group Corp. , the world’s largest venture capital company, reportedly lost more than $ 130 million as a result of a bad investment in Bitcoin.
Caught in the bitcoin frenzy
While the price of Bitcoin reached its record value of nearly $ 20,000 by the end of 2017, Masayoshi would have made a crazy bet on Bitcoin.
On the recommendation of Peter Briger, the co-chair of Fortress Investment group, the son of Masayoshi, would have made a major investment in cryptocurrency.
Shortly after, Son bought his son’s investments, giving softbank reserves of Fortress’s Bitcoin worth more than $ 150 million.
The crypto winter did not spare him
Although the character has proven itself with many risky but successful investments whose support of Alibaba, the one made in Bitcoin has not had the desired effect at all.
After the price of Bitcoin fell in early 2018, its investment suddenly became a deficit instead of generating profits.
He therefore decided to close his position, making him lose the colossal sum of 130 million dollars.
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