Softbank falls on report that Elliott Management sold most of its stake
Carl Court

Softbank (OTCPK:SFTBY) dropped 3.7% on a report that activist giant Elliott Management has sold almost all of its stake in the Japanese tech company.
Elliott is said to have sold off its position earlier this year as technology stocks plunged, according to a FT report, which cited people familiar with the trade. The exact size of the Elliott selldown wasn't known.
It was reported in February 2020 that Elliott had taken a $2.5 billion stake in Softbank (OTCPK:SFTBY).
The Elliott Softbank exit comes as SoftBank (OTCPK:SFTBY) last Monday posted a record $23B quarterly net loss after its Vision Fund got hammered by a global tech selloff triggered by rising interest rates and soaring inflation.
The FT also reported last Tuesday that Softbank's (OTCPK:SFTBY) $23 billion loss could potentially push Masayoshi Son, the Japanese billionaire and founder of the tech giant, to reconsider a potential take private of the company.
On Monday, an Elliott Management 13-filing disclosed that the activist took new stakes in Aerojet (AJRD), Pinterest (PINS) and PayPal (PYPL) in Q2.