How Son Made 62% Return on SoftBank's $64 Billion in Tech Deals

  • Bernstein analyst Lane explains fund performance in report
  • Structure of Vision Fund will amplify returns up and down
Masayoshi SonPhotographer: Akio Kon/Bloomberg
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Masayoshi Son isn’t one to shy away from risk.

The Japanese billionaire of course established the $100 billion Vision Fund to make big bets on tech startups like Uber Technologies Inc. and WeWork Cos. Less well known is that Son leveraged his stake in the fund to boost returns if things go well -- with outsized losses if things go poorly. That explains how Son has made eye-popping 62% returns so far.