SoftBank shares tumble 13% after reports OpenAI may delay IPO
Business
SoftBank's shares tumbled 13% on Friday, their biggest fall in months, after reports said OpenAI might delay its IPO until next year due to shaky tech markets.
This hit especially hard since SoftBank's investment is slated to reach $65 billion by October into the ChatGPT maker and was hoping for a big payday from the IPO.
OpenAI IPO hopes have cooled
If OpenAI goes public, it would shine a light on SoftBank's huge portfolio of startups and could boost its stock value.
As strategist Hiroki Takei put it, "the transparency could reduce the heavy conglomerate discount."
But with IPO hopes fading for now, expectations of quick gains have cooled off.