SoftBank plans to sell stake in SoFi

SoftBank Group Corp plans to sell its stake in the digital personal finance company SoFi Technologies Inc, according to a filing late on Monday.

On Monday, SoftBank sold 6.7 million shares in SoFi at a weighted average price of $8.17 per share, three days after it sold 5.4 million shares at a price of $7.99.

SoftBank posted a record $23.1 billion loss in the April-June quarter and said it plans to reduce headcount at its flagship Vision Fund investing arm.

SoftBank exited several companies, including Uber Technologies and the home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.

After big bets by the first Vision Fund in late-stage startups such as WeWork Inc, the chief executive of SoftBank has had a series of high-profile reversals, prompting him to tighten investment controls with the second fund.