SoftBank shares plunged 10% and lost its position as Japan's most valuable company following reports that talks for a $6 billion margin loan backed by its OpenAI stake have stalled. The loan target was previously downsized from $10 billion due to creditor hesitation over valuing the unlisted OpenAI and concerns regarding its funding commitments. This decline reflects broader market anxiety over AI-related valuations and OpenAI's failure to meet ambitious internal growth targets.
The Japanese group's shares tumbled following reports of difficulties securing a $6 billion loan backed by its OpenAI stake due to creditor valuation concerns.
Read the full storyThe Japanese conglomerate lost its status as the nation's most valuable firm as creditors weigh risks over OpenAI's growth and funding needs.
Asian tech stocks slid as SoftBank faced difficulties securing a $6 billion margin loan backed by its stake in OpenAI.