The founder and CEO of Japanese conglomerate giants Softbank, Masayoshi Son, has said in a statement last Tuesday that he lost about $50million, which currently amounts to about $130million in today’s Bitcoin(BTC) investment. The 63 years old Billionaire who made the majority of his wealth from betting on Alibab said this at the DealBook online summit last Tuesday. However, what is shocking to note is that Son made losses due to his ignorance of the cryptocurrency space.
Son lost $50 million after cashing in on his Bitcoin holding
The Billionaire was convinced by a friend to invest $200million in BTC, which was 1% of his net worth at the time. Like the story of every newbie, curious, ignorant, and naive, Son would spend every five minutes keenly observing the fluctuating price of BTC. Like every passionate investor looking to maximize profit, Son spent most of his time monitoring his BTC. This proved as a serial waste of precious time to him, as he felt the time expended was a big distraction to his focus on his core business. This led the businessman to sell his stake in BTC in 2018 and thus accruing a loss of $50million equivalent to $130milion in today’s market. When quizzed about how he felt, Son, admitted that he felt better after the decision.
What is shocking is that, had Son left his BTC investment, they would have yielded Billions of dollars. This is due to the bear market of 2018, which had seen BTC gradually entering the bull market whose impact was felt particularly in the last quarter of the year. The last two days had witnessed BTC hitting an all-time yearly high of $19,000, and it is projected by experts to see a continuous uprising, especially in the last quarter of 2020. Alternatively, what is more shocking to know is that Son still doesn’t understand how the cryptocurrency space works. He admitted to not being able to keep up with Bitcoin Volatility and not differentiate the digital currencies from each other. However, he’s a firm believer that the BTC will continue to be useful to its investors.
CEO says his firm suffered a massive loss in tech investments
The CEO, who is not new to losses, also announced in September that his company Softcom group lost about $10 billion in massive, risky Tech Investments. The 63 years old investor also lost an opportunity to be an investor in Tesla and Amazon despite being in a meeting with Jeff Bezos before Amazon went public. The investment was supposed to make Son a 30% shareholder, but instead, he opted to invest in an American real estate company WeWork.
The Japanese CEO addressed the audience at the summit and mentioned that it is usual to make bad decisions. He said he’d rather accept his bad choices and stupidity instead of blaming someone else for it. He also stressed that it is better to learn from one’s mistake and accept that they are a normal part of life. He concedes that making smart future decisions is what we owe ourselves.