Could Greensill Be a Bigger Nightmare for SoftBank than WeWork?
Masayoshi Son was proud of how his portfolio companies could work together. But synergy can also become contagion.
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Masayoshi Son should feel happier these days. A successful listing of one of his unicorns, South Korean e-commerce Coupang Inc., will allow him to book as much as $25 billion in paper gains this quarter. A tech rally has also propelled his SoftBank Group Corp. stock back to its dot-com era high. And, with SoftBank writing down its $6.6 billion WeWork investments last year, he has left the worst behind. Or so it seemed. 
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Enter Greensill Capital, the now-defunct supply chain financier. In 2019, Softbank’s $100 billion Vision Fund invested about $1.5 billion into Greensill. That stake is now practically worthless. 
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How can Greensill be an even worse nightmare than WeWork, which soaked up more than $10 billion from SoftBank and the Vision Fund? Hear me out.
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