World Economy

SoftBank Shares Slump

SoftBank Shares SlumpSoftBank Shares Slump

SoftBank Group Corp. fell to its lowest level since buying Sprint Corp. in 2013 amid mounting pessimism that billionaire Masayoshi Son can turn around the money-losing US carrier, Bloomberg reported. SoftBank shares dropped 7.9% in Tokyo on Monday to 5,111 yen, their lowest since June 2013. Sprint closed 10% down on Friday after a report said the company was finalizing plans to cut $1 billion in network costs through measures analysts called risky. Son said in August he was personally involved in rebuilding Sprint’s network and already saw “light at the end of the tunnel” for the carrier. Since then, Sprint booked its fifth consecutive quarter of losses.