this post was submitted on 14 Aug 2023
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147
SoftBank is suing portfolio company IRL after it admitted 95% of its users were fake. VCs are stressing the need for ‘uncomfortable’ due diligence (archive.ph)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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SoftBank is suing portfolio company IRL after it admitted 95% of its users were fake. VCs are stressing the need for ‘uncomfortable’ due diligence::undefined

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[–] gravitas_deficiency@sh.itjust.works 27 points 1 year ago (2 children)

I’ll be blunt: if a large bank is stupid enough to invest money in a company that’s basically vaporware, and they invest because they were far too lazy to do any real due diligence, that’s on the bank.

[–] Bal@lemm.ee 16 points 1 year ago (2 children)

Just to clarify, SoftBank is not a bank.

[–] dragontamer@lemmy.world 6 points 1 year ago (1 children)

Just to clarify: a "commercial bank" is like Bank of America, or Wells Fargo.

An "investment bank" is like... Softbank. They pool money together of the rich and they all make massive bets on companies with their pooled money.

[–] dust_accelerator@discuss.tchncs.de 1 points 1 year ago (1 children)

That just makes it worse and totally deserved.

"You had one fucking job!"

[–] dragontamer@lemmy.world 1 points 1 year ago

Softbank's explicit strategy on their "Vision Fund" was to bankroll their investments with so much money, that all other competitors lost.

Its harmful to our economy and people need to recognize how targeted and how much of a dick-move this was for the last 10 years.

[–] czarrie@lemmy.world 3 points 1 year ago

Yeah, they make Link Amps

[–] gamer@lemm.ee 9 points 1 year ago

It’s never a bad day when tech VCs lose money