Uber was first on the chopping block as SoftBank recoups losses.

Recently, Japanese conglomerate SoftBank suffered a major loss in its Vision Fund. The Vision Fund, which is SoftBank’s investment vehicle for tech stocks, suffered a drop-off of 2.93 trillion Japanese yen, or approximately $21.68 billion USD, for the most recent quarter. In order to remedy this loss, SoftBank has been forced to dump some of its investments, and one of the most prolific axes is Uber.

SoftBank Group's Q1 earnings miss is reportedly tied to the losses seen from $DASH and $UBER. pic.twitter.com/iQFkFugPAJ

— Yahoo Finance (@YahooFinance) August 8, 2022

SoftBank announced today that it has completely sold off its stake in ridesharing giant Uber. SoftBank was originally Uber’s largest shareholder, first investing in 2018 and buying a majority stake in 2019. However, last year, SoftBank sold off approximately one-third of its Uber shares, and in the last several months, dumped the rest.

Japanese giant SoftBank dumps its entire stake in Uber as losses mount at its investment unit https://t.co/r1n2GdHDBd

— CNBC (@CNBC) August 8, 2022

Even as SoftBank dumps its Uber stock, it will likely take some time before the Vision Fund manages to recover. Global inflation has not been kind to tech stocks this year, and several of SoftBank’s other major investments like DoorDash, Guardant, Opendoor, and Coupang, have all taken hits. SoftBank CEO Masayoshi Son announced earlier this year that the company would be taking measures to boost its overall cash position, including selling off its various holdings.