Softbank Writes Down $424.7 Million Investment in OneWeb

Ouch!

Citing a story in the Sunday Telegraph, City A.M. reports that Softbank took a £380 million ($424.7 million) impairment loss on its investment in OneWeb. Softbank is the largest shareholder in the Internet satellite company.

Airbus, Qualcomm and Virgin Group are among other shareholders in the London-based satellite firm, which boasts a valuation of more than $1bn (£823m) and has earned sought-after “unicorn” status.

In addition to the Softbank writedown, some early investors have lost as much as half of the value of their stakes, according to the report

Oneweb, which secured $1.25bn in its latest Softbank-led funding round, has ramped up its plans for satellite production amid competition from Elon Musk’s SpaceX and Jeff Bezos’s Amazon.