Hong Kong (CNN Business)SoftBank CEO Masa Son's big bets on Uber and other tech companies are poised to make the Japanese company a lot of money.
SoftBank has made $3.8 billion off its Uber investment
SoftBank ( reported Thursday that the value of its investment in the ride hailing company has increased 418 billion yen ($3.8 billion). It invested )more than $7 billion in Uber in 2017 through its Vision Fund.
Operating profit for the fiscal year ended in March soared 81% from a year earlier to 2.4 trillion yen ($21.4 billion), SoftBank said in an earnings statement.
More than half of that was driven by the Vision Fund and an affiliated fund, which together pulled in 1.26 trillion yen ($11.4 billion).
Son has shaken up the tech industry with the $100 billion Vision Fund, buying hefty stakes in high profile startups like Uber, WeWork and Slack. Saudi Arabia committed $45 billion to the fund.
This week will be a big test for Son's deal making prowess, when Uber holds its highly anticipated initial public offering on Friday.
The SoftBank Vision Fund is Uber's largest shareholder with a 16.3% stake.