This Man Was 'Richer Than Bill Gates for 3 Days', Making $1.4 Billion A Day Until He Lost $70 Billion — But Now He's a Billionaire Again
Popular billionaires like Elon Musk, Warren Buffett, and Bill Gates often dominate headlines. But a lesser-known narrative from Japan is quite shocking — Masayoshi Son’s financial roller coaster. Son, the Chief Executive Officer of SoftBank, although not as globally recognized as some of his billionaire peers, once outranked even Bill Gates in terms of wealth, albeit briefly.
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At the peak of the dot-com bubble, Son's net worth surged by a massive $1.4 billion daily, bringing his total weekly gains to $10 billion. This explosive growth briefly catapulted him to the world’s richest man. However, the burst of the bubble proved catastrophic. As the tech market crashed, SoftBank’s stock plummeted, leading to a personal loss for Son estimated at around $70 billion — the most significant financial loss suffered by an individual.
Reflecting on this dramatic period during an interview with David Rubenstein from Bloomberg in 2017, Son recalled, "Before that, my personal net worth was increasing by $10 billion per week. Then I became richer than Bill Gates for three days," highlighting the swift rise and subsequent fall that characterized this era. He shared that SoftBank was initially a "software bank," aggregating various software products to distribute to PC stores, which laid the foundation for its early success.
Son’s entrepreneurial spirit remained unshaken despite the profound losses and near bankruptcy. His strategic decision to invest $30 million in a then little-known Chinese startup, Alibaba, played a pivotal role in recovering his fortunes, marking one of the most successful turnaround stories in business history.
Son's later ventures included the strategic acquisition of Vodafone Japan, navigating through significant financial hurdles to raise $20 billion for the purchase. This move was crucial in transforming Japan’s telecommunications landscape and solidified SoftBank’s position as a major player in the market.
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Today, Masayoshi Son continues to shape the technological landscape through the SoftBank Vision Fund, which focuses on next-generation technologies like AI. With investments in major disruptors like Uber, Slack, and WeWork, Son’s influence on the tech sector is profound and enduring.
During the Rubenstein interview, Son discussed the potential and risks of artificial intelligence and robotics. He optimistically noted that while AI poses dangers, the evolution towards more intelligent systems could lead to more harmonious human-machine relationships.
SoftBank Corp. is also reportedly developing and commercializing a High-Altitude Platform Station (HAPS) and plans to offer a foreign-affiliated satellite-based telecom service in Japan.
From a visionary investor to a survivor of one of the most brutal financial downturns, Masayoshi Son’s career is a narrative of extreme highs and lows, showcasing the volatility and extreme potential of the tech industry.
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This article This Man Was 'Richer Than Bill Gates for 3 Days', Making $1.4 Billion A Day Until He Lost $70 Billion — But Now He's a Billionaire Again originally appeared on Benzinga.com
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