Masayoshi Son, the founder SoftBank Group, faced a major personal setback after he reportedly lost nearly $130 million on bitcoin investment.
According to a report in The Wall Street Journal, Son invested in the cryptocurrency in late 2017 at the recommendation of a renowned bitcoin booster whose investment hand SoftBank bought that year.
While the exact amount the founder of the world’s biggest venture-capital fund invested is unknown, reports suggest it was around the time bitcoin hit its peak of $20,000 in mid-December 2017.
Son reportedly hedged his bet in early 2018 after the bitcoin value plummeted. Bitcoin is currently trading at around the $5,400 mark.
The news is in stark contrast to his investing acumen, which first came to light when Son's $20 million bet on Alibaba rose to a value of more than $100 billion.
On the back of this gamble, the 61-year-old business magnet raised $100 billion for SoftBank's Vision Fund to invest in technology companies.
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