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Shares of SoftBank Group
plunged over 8% on Friday, marking its third straight day of selloff after the Japanese giant said it had sold its entire stake in U.S. chip giant Nvidia for $5.83 billion.
SoftBank disclosed in its latest earnings that it offloaded 32.1 million Nvidia shares in October and scaled back its T-Mobile stake, bringing in $9.17 billion.
Although the Nvidia sale surprised some investors, it isn’t the first time SoftBank has exited the U.S. chip giant. Its Vision Fund had accumulated roughly $4 billion worth of Nvidia shares in 2017 before selling out entirely in early 2019.
