Japanese fashion tycoon Maezawa shows off $900 million SoftBank payday
Japan`s Yusaku Maezawa on Friday posted footage of a $900 million payday for the fashion magnate following his sale of a stake in Zozo Inc, the online fashion retailer he founded, to SoftBank Group Corp.
Japan`s Yusaku Maezawa on Friday posted footage of a $900 million payday for the fashion magnate following his sale of a stake in Zozo Inc, the online fashion retailer he founded, to SoftBank Group Corp.
In a video posted to YouTube, Maezawa visited a Tokyo bank to update his bank book, which showed a new balance of around 100 billion yen ($900 million). "It`s nerve-wracking!" Maezawa said as he entered the branch.
The windfall follows a tender offer by Z Holdings, which is controlled by SoftBank`s domestic wireless unit, for half of Zozo`s shares this month. The deal saw Maezawa reduce his stake in the fashion company to 18%.Maezawa made 150 billion yen in the deal but a third has already been used to pay down debt, he said in the Youtube video from the seat of his chauffeur-driven car. The former punk band drummer is well-known for his love of high-end art and sports cars.
Maezawa, who has a close relationship with SoftBank founder Masayoshi Son and is planning a trip around the moon in a rocket from Elon Musk`s SpaceX, stepped down as Zozo CEO following a series of botched initiatives. His stake sale is the latest pay-out by SoftBank to a wealthy company founder. In September the investment conglomerate bailed out office-sharing startup WeWork in a deal that saw co-founder Adam Neumann exit with a $1.7 billion package ($1 = 108.6400 yen).
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
01:25 PM IST