Japanese billionaire and SoftBank founder Masayoshi Son lost $130 million on an ill-fated bitcoin trade, the Wall Street Journal reports.
Son made a large investment in the cryptocurrency on the recommendation of Peter Briger, co-chairman of the Fortress Investment Group, acquired by Son in February 2017. Briger first invested in bitcoin in 2013. SoftBank inherited Fortress’ bitcoin reserves after the acquisition and the holdings were worth more than $150 million by the time of the Fortress acquisition, according to the WSJ.
Son's purchase occurred near the peak of bitcoin's price run in late 2017. After the price of bitcoin plummeted in early 2018, Son decided to sell out of his position, losing a considerable sum.
Son is known for his quick and decisive investment decisions - and many have paid off, like backing Alibaba. The bitcoin investment, although a small part of Son’s overall net worth, shows that Son doesn't always make the right calls.