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April 23, 2019 04:02 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/H0lIqo0Dkg4/softbank-founder-masayoshi-son-lost-130-million-on-bitcoin
SoftBank Founder Masayoshi Son Lost $130 Million on Bitcoin
Masayoshi Son, the billionaire founder of SoftBank Group, made a huge personal bet on bitcoin just as prices for the digital currency peaked, losing more than $130 million when he sold out, WSJ (paywalled) reported Tuesday, citing people familiar with the matter. From the report (alternative source): Mr. Son, who launched the world's biggest venture-capital fund on the strength of his long-term investing acumen, made the investment at the recommendation of a well-known bitcoin booster, whose investment firm SoftBank bought in 2017, the people said. The investment came at the peak of the bitcoin frenzy in late 2017 after the digital currency had already risen more than 10 fold that year. The exact size of the bet couldn't be determined, but bitcoin peaked at nearly $20,000 in mid December 2017 and Mr. Son sold in early 2018 after bitcoin had plummeted, the people said.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/H0lIqo0Dkg4/softbank-founder-masayoshi-son-lost-130-million-on-bitcoin
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