NEW DELHI: Rajeev Misra has stepped down from his roles as a corporate officer and executive vice-president of SoftBank Group, effective from August 31, 2022. His exit comes amid a fall in technology stocks worldwide, resulting in a record loss for the Japanese investment group.
Misra will continue to serve as CEO of SB Investment Advisers, which manages SoftBank Vision Fund 1. Misra was one of the key persons who closely with Masayoshi Son, founder of SoftBank, in setting up Vision Fund I with a total corpus of $100 billion. It is reported that he would soon announce his own fund, for which he has raised $6 billion so far.
Son recently pledged to cut back investment activity and reduce costs. Son also said that he will take over the management of the second Vision Fund. The Japanese firm lost a record $23.4 billion in the April-June quarter on plunging portfolio valuations.