Mr Schwab, 82, who founded the giant discount brokerage firm in the 1970s, said he and his wife have backed causes including the arts and Alzheimer’s research for decades. They argue that tax-the-rich proponents underplay the charitable contributions the wealthy already make to society through philanthropy. JP Morgan Chase chief executive Jamie Dimon, investor Leon Cooperman and Charles Schwab have all criticised the tax. Ms Warren’s tax would apply to households worth $50m or more and would pay for a bevy of progressive proposals including her $21 trillion Medicare For All plan. “I do think if you tax too much, you do risk the capital formation'’ and innovation, as well as imperilling the US “as the desirable place to do innovative companies”, he said. Mr Gates supports higher estate taxes and “super progressive tax systems,” but questioned whether Ms Warren’s 6 per cent tax on assets of the wealthy would prove counterproductive. In an appearance at the New York Times DealBook Conference earlier this month, Mr Gates said he has paid $10bn in taxes and wouldn’t have minded paying twice that, but joked that, “When you say I should pay $100 billion then I’m starting to do a little math about what I have left over”.
Microsoft co-founder Bill Gates joined other billionaires in criticising US Democratic presidential candidate Elizabeth Warren for her signature wealth tax. The wider group posted an operating loss of 704bn yen, with its Vision Fund losing 970bn yen.īil Gates questioned whether Elizabeth Warren’s 6 per cent tax on assets of the wealthy would prove counterproductive.
In the year to March 2019, the unit contributed 725bn yen (Dh24.4bn) in operating income, accounting for 30 per cent of the group's operating income. The telecom unit was a rare bright spot in SoftBank's earnings this week, reporting a 9 per cent increase in second-quarter operating profit. While shares in Uber have fallen by more than a third since its listing, shares of Slack Technologies, which develops productivity software, have tumbled by almost half. WeWork was not the first setback involving SoftBank investments and stock market debuts. "My investment judgment was poor in many ways," the 62-year-old said after SoftBank Group plunged to its first quarterly loss in 14 years, adding he had turned a blind eye to problems with WeWork co-founder Adam Neumann. Mr Son's comments about office-sharing firm WeWork were remarkable admissions for an executive well known for his ebullience. SoftBank is counting on new listings to raise cash for its recently announced second Vision Fund, to which it has committed to invest $38bn. However, the billionaire boss stressed that several companies from the fund's portfolio would go public in both 2020 and the year after. His company spent more than $10bn to bail out the start-up after an IPO attempt flopped. "I have started to think we should be more cautious on timings for IPOs of companies like WeWork, Uber and Slack," Mr Son said after admitting to poor judgment over WeWork. Mr Son said SoftBank Group's $100bn Vision Fund would now look to see companies list when they were closer to achieving profitability. Photo: AFP Masayoshi Sonįresh from the WeWork debacle, SoftBank chief executive Masayoshi Son says he now aims to be more cautious about the timings of IPOs, a shift that could squeeze the Japanese company's funding and increase its reliance on its lower-growth telecom business. 'My investment judgment was poor in many ways,' said Japan's SoftBank Group chief executive Masayoshi Son after the company plunged to its first quarterly loss in 14 years. His latest business, CloudKitchens, secured $400m of funding from Saudi Arabia's Public Investment Fund, which valued the food start-up at $5bn, the Wall Street Journal reported.
That month he announced he was buying a controlling stake in a distressed real estate company called City Storage Systems for $150m and installing himself as chief executive. In March of 2018, Mr Kalanick created a fund called 10100, saying in a tweet it would focus on his “passions, investments, ideas and big bets”. Even after the sale, he still owns 78 million shares in Uber - a 4.6 per cent stake - and has a net worth of about $3.7bn, according to the Bloomberg Billionaires Index. Mr Kalanick, who was ousted as Uber’s chief executive in 2017, remains one of tech’s richest entrepreneurs.
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