Reuters. File Photo: File Photo: Softbank Group Corp’s logo unveiled at the Softbank World 2017 Conference in Tokyo.TOKYO (Reuters) – Shares of Softbank Group Corp (T) plunged 5% in early trading on Monday as Congress’ big bets on equity derivatives linked to listed tech companies upset investors.
Japan’s financial powerhouse has spent billions of dollars buying shares in technology companies such as Amazon (O 🙂 as it parks the cash generated by a massive asset sale program.
The group has also bought significant options in tech companies, sources familiar with the matter told Reuters, in an aggressive bet by chief executive Masayoshi Son on rising tech stocks.
The Billion Street Journal reports that about billion 50 billion of exposure has come from the billion-dollar options. The group has traded 4 4 billion from those bets, according to a report in the Financial Times.
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