How Masa Son Became A Maverick Dealmaker


Masayoshi Son, chairman of SoftBank, is the most powerful person in Silicon Valley


It’s a bright September morning in San Carlos, California, and Masayoshi Son, chairman of SoftBank, is throwing me off schedule. I’d come, as he had, to meet with the people he’s tapped to run the Vision Fund, his $100 billion bet on the future of, well, everything. After almost four decades of building SoftBank into a telecom conglomerate, Son, an inveterate dealmaker, launched this unprecedented venture two years ago to back startups that he believes are driving a new wave of digital upheaval. He has staked everything on its success–his company, his reputation, his fortune. We’d both arrived with the same basic question: Where is this massive vehicle heading? But because I wasn’t the one footing the 12-figure allowance, I understood that I’d be the one to wait.

In the hubbub of Son’s visit, my 9 a.m. meeting gets rescheduled multiple times until it’s set for 4:30 p.m. When I finally arrive at the Vision Fund’s offices, just off California’s Highway 101, I’m struck by how mundane they are. Son is known for big, showy statements. He reportedly paid $117 million for a home in Woodside in 2013, the highest price ever in the U.S. This glass and concrete building, on the other hand, could be found in any part of suburban America.

The room where I wait is spartan. There is an empty desk in one corner, and a conference table with a fake-wood veneer. I try to read the pale gray scribbles on a whiteboard, hoping they might shed light on what happens in this place, but the surface has been too well scrubbed. The interior glass walls of the conference room have been lined with a white, papery substance that turns anyone on the other side into apparitions.

Finally, Rajeev Misra, CEO of the entity overseeing the Vision Fund, rushes into the room, smiling broadly and apologizing profusely. Misra, who has flown in from London for these meetings, looks exhausted but jacked up, as if he’s gotten a shot of adrenaline. Son has this effect on people. It is an exceptionally busy day at the Vision Fund. Not only is the big boss in from Tokyo, but unbeknownst to me, the team is preparing to announce billions of dollars in new investments: a $1 billion round for Oyo, the Indian hospitality startup; $800 million split evenly between Compass and OpenDoor, two real estate disrupters; $100 million for Loggi, a Brazilian delivery startup. It also would lead a $3 billion round in Chinese startup ByteDance, which makes several popular news and entertainment apps, including TikTok. At the same time, Son and his partners are in the midst of launching a second $100 billion fund, with plans already underway to raise an additional $45 billion investment from Crown Prince Mohammed bin Salman of Saudi Arabia—the Vision Fund’s primary backer. Neither Misra nor I knew it then, but this relationship would soon get complicated.

“So what do you want to know?” Misra says, clapping his hands loudly. “You want the road map? I’ll start from 10,000 feet. . . .”

On the surface, the story of the Vision Fund is about money. How could it not be? The numbers are eye-popping. The Vision Fund’s minimum investment in startups is $100 million, and in just over two years since its October 2016 debut, it’s committed more than $70 billion. Son, 61 years old, will also back companies he likes via SoftBank itself or other means: He’s put some $20 billion–and counting–into Uber and WeWork through a combination of financial instruments. (Son’s machinations have always been highly complex and it’s not worth getting lost in the minutiae; regardless of the means, the deals are at his behest.) His big-money bets agitate the venture capitalists who have long inhabited the dry stretch of lowlands between San Francisco and San Jose, a place where any fund over $1 billion was head-turning as recently as three years ago. Turns out, nobody likes competing with a bottomless-pocketed behemoth. “Have you seen the movie Ghostbusters? It’s like the Stay Puft Marshmallow Man tramping around,” one VC tells me before I visit SoftBank. Then he asks me to ask Misra the question everyone in town wants to know: Who is Son investing in next?

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