Saudi Arabia's sovereign wealth fund is in talks to pour yet more money into SoftBank, Fox Business reports.
SoftBank is in the middle of raising funds for its second enormous Vision Fund. In July, the telecom giant announced it expected to raise $108 billion from Apple and Microsoft. A lot has changed since July, however, and Fox Business notes the only finalized investment in the new fund is SoftBank's.
In the past, Saudi Arabia has been a major investor in SoftBank through its Public Investment Fund (PIF). It invested $45 billion out of the $100 billion raise that formed SoftBank's first Vision fund in 2016, and Crown Prince Mohammed bin Salman told Bloomberg in October last year the PIF was looking to invest another $45 billion in the second Vision fund.
Since last year, however, some of SoftBank's biggest investments have floundered. Most notable among these is WeWork, whose botched IPO attempt led it to spiral toward bankruptcy in just six weeks, prompting SoftBank to bail it out and take majority control.
WeWork isn't the only troublesome company in SoftBank's portfolio. Uber and Slack both posted disappointing earnings for Q2 of this year, with Slack warning of a slowdown in growth and Uber revealing $5 billion in losses.
Sources with knowledge of the matter told Fox Business that SoftBank CEO Masayoshi Son will be attending Mohammed bin Salman's Future Investment Initiative (FII) this week to discuss investment in the fund. SoftBank declined to comment on the report when contacted by Business Insider.
Mohammed bin Salman's relationship with SoftBank was put under the spotlight last year following the murder of journalist Jamal Khashoggi, and many tech companies including Uber boycotted the FII after Khashoggi's disappearance.