If, like many, you got burned on your crypto investments last year, this could cheer you up. Even one of the world’s savviest investors fell for the promise of a quick and easy return.
According to the Wall Street Journal, SoftBank founder Masayoshi Son made a personal investment in bitcoin in late 2017, when the cryptocurrency was surging in value. That was a bad time to invest. In January 2018, bitcoin’s price crashed, and Mr. Son sold in early 2018 at a $130 million loss.
With a net worth of around $19 billion, Mr. Son will be OK. But he might be hesitant to take any more tips from Peter Briger, the co-chairman of asset manager Fortress Investment Group, who apparently sold him on the investment.