Softbank’s Struggles and Moderna’s Vaccine
SoftBank Group Corp. reported a second quarter profit of nearly $12 billion as it works to bounce back from the worst year in company history. The recovery was driven by improved performance of the Vision Fund, the company’s $100 billion dollar tech investment pool.
Bad decisions managing the Vision Fund were the main cause of the struggles. Poor investment choices in high-profile companies such as WeWork dragged down SoftBank’s balance sheet.
Gains from the sale of Sprint Corp. to T-Mobile in May were a major driver of the improved performance.
Moderna announced Tuesday that it reached an agreement to sell 100 million COVID-19 vaccines to the U.S. government. The company’s stock price rose more than 8% in after hours trading as a result of the $1.5 billion deal.
The company’s vaccine is currently undergoing testing to see if it is safe and effective, and it hopes to have an approved vaccine by 2021.
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