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Homee-commerce Trends 2020Jack Ma resigns from SoftBank board due to record loss prediction

Jack Ma resigns from SoftBank board due to record loss prediction

Jack Ma

We have seen how Jack Ma has had a huge influence on the Chinese entrepreneurship market as well as the hold of Chinese e-commerce because of AliExpress and its related companies. However, it must be noted that Jack Ma is also a board member in SoftBank which is the leading investment company in the world which recently bought majority stakes in WeWork. Now, we know that there were mere hours left before we were getting to know about the earnings call from SoftBank and it was estimated that they are on track to post record losses due to the Coronavirus and related problems.

But we have even more breaking news which is that Jack Ma has resigned from the SoftBank board and the financial losses seem to be the main reason behind this move. Also, along with news of Jack Ma’s resignation, SoftBank revealed that the Japanese company is preparing to double the money it has spent on repurchasing its own shares.

Now, there is a history behind Jack Ma’s inclusion in the SoftBank board as well. It is known that SoftBank Chief Executive Masayoshi Son had invested $20 million in Alibaba long time and that capital grew to become $100 billion due to the rise of Alibaba in the Chinese market. It is known that the funds from SoftBank’s investment in Alibaba group helped them “transform itself from a telecom company into the world’s largest and most powerful tech investor”.

Since then, it is known that “Mr. Son has pumped enormous amounts of capital into cutting-edge and often risky start-ups, companies that he believes have the potential to effectively monopolize entire industries”. However, we also know that many of them have turned out to be riskier than profitable such as WeWork, Uber, Airbnb and others which have made a name for good or worse.

Sonali Minocha
Author: Sonali Minocha

Passionate about Innovation and Technology. I love to contribute to high impact projects/ products. I have co-created/contributed to technology solutions touching 100 million ++ humans. I am also fond of e-commerce & PIM solutions. As editor of eCommerceNext, I am bringing news, events, opinions, experts, reviews from the world of e-commerce and PIM Besides technology and innovation, I am usually involved in setting up and running complex operations and human capital systems. I have been grateful to be acknowledged by getting “Great Places to Work – Top 100”, “Great Places to Work – Top 50”, “Great Place to Work – Top 5” awards for my company. I am a people and relationship person and bring in a balance of empathy and realistic solutions. I thrive on building processes and building control systems. I led the team that achieved CMMI Level 3. I have managed large teams and in-turn managed projects worth 15-20 Million (Annually) Want me to cover an interesting story around eCommerce or PIM? Reach me on [email protected]

Author

Passionate about Innovation and Technology. I love to contribute to high impact projects/ products. I have co-created/contributed to technology solutions touching 100 million ++ humans. I am also fond of e-commerce & PIM solutions. As editor of eCommerceNext, I am bringing news, events, opinions, experts, reviews from the world of e-commerce and PIMBesides technology and innovation, I am usually involved in setting up and running complex operations and human capital systems. I have been grateful to be acknowledged by getting “Great Places to Work – Top 100”, “Great Places to Work – Top 50”, “Great Place to Work – Top 5” awards for my company.I am a people and relationship person and bring in a balance of empathy and realistic solutions. I thrive on building processes and building control systems. I led the team that achieved CMMI Level 3. I have managed large teams and in-turn managed projects worth 15-20 Million (Annually)Want me to cover an interesting story around eCommerce or PIM? Reach me on [email protected]