SoftBank Defends Itself From Bloomberg Businessweek Report


SoftBank’s Vision Fund is defending two of its executives after a controversial report from Bloomberg Businessweek.

SoftBank is a Japanese telecom company that also has large investment funds. The report from Bloomberg Businessweek criticizes the work culture of SoftBank and critiques the behavior and business practices of two executives in particular. Chief Financial Officer, Navneet Govil, and Managing Partner, Jeff Housenbold, are both specifically mentioned in the report.

"Businessweek's portrayal of our culture is inaccurate and based on unsubstantiated claims by anonymous sources," a SoftBank spokesperson. "It seems clear that the reporters were under pressure to sensationalize the story for the cover of their magazine."

Vision Fund’s chief executive, Rajeev Misra has released an internal memo that defends the work culture of Vision Fund and the two executives that were specifically named in the report.

The report claims that the investment decisions of Housenbold are questionable. Additionally, the report emphasizes that both executives have gotten away with behavior that should be reprimanded.

SoftBank has conducted internal investigations related to particular claims in the report and assert that they have not found evidence corroborating the investigated claims.

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Economics, Finance and Investing