Masayoshi Son's grip over the investment strategy of the world's biggest technology investment fund lead to complaints, in private, by managers of its two leading outside participants, the Wall Street Journal learned. Citing information from people familiar with the matter, the news outlet wrote on Monday that Public Investment Fund (PIF), Saudi Arabia's sovereign wealth vehicle, and Mubadala Investment Co., Abu Dhabi's equivalent, have expressed concern about the high costs of recent bets.
They have rejected to participate in SoftBank Group Corp.'s plan to buy a majority stake in WeWork Cos., after which the endeavor was scaled down. The two partners, which secured nearly two thirds of the capital, are purportedly also unsatisfied with the strategy of the founder and chief executive to buy stakes in target firms and then move them to the Softbank Vision Fund.
They are irritated that the Japanese conglomerate does so at a higher price, too, insiders say. The article adds PIF and Mubadala claim the path toward a purchase is "chaotic" and that decisions are being changed at the last moment.
