(Juhi Aishwary, Intern Journalist): Japan-based Soft Bank paid double the salary of its Vision Fund CEO Rajiv Mishra last year, despite a loss of billions. Many experts consider this move of the company to be surprising. Originally technology firm SoftBank invests in various companies through its Vision Fund. It has invested in several companies including Alibaba, Ola, Uber, Snapdeal, Paytm, Oyo, and InMobi. According to the regulatory filing, Soft Bank paid Mishra a total salary of $ 15 million (about Rs 113 crore) in FY 2019-20. This is more than double what it was a year ago.
The company has given this salary to Mishra in such a situation, while the Vision Fund suffered a huge loss of $ 18 billion (about Rs 1.35 lakh crore) last year. The result of the loss of the vision fund is that the Softbank Group has also incurred an operating loss of a total of $ 13 billion (about Rs 97 thousand crores). Experts are surprised by the company’s move. Analyst Dan Baker says that given the company’s performance, Mishra’s salary is too high. It is impossible to understand that salary is in some way based on performance.
Mishra is the second-highest-paid employee in Soft Bank. His higher salary is only that of COO Marcelo Cler. The company paid him a salary of $ 20 million (about Rs 150 crore) last year, with an increase of 17 percent. What is shocking is that SoftBank founder and CEO Masayoshi Son took a salary of only 19 million dollars (about 14 crores rupees) as salary with a deduction of nine percent last year.
Know who is Rajiv Mishra
Born in Baleshwar, Odisha, 56-year-old Rajeev Mishra holds a bachelor’s degree in mechanical engineering from IIT, Delhi. He has a master’s degree in computer science from the University of Pennsylvania. He is an MBA from the Sloan School of Management. Rajiv Mishra has worked with Merrill Lynch, Deutsche Bank, UBS Group and Fortress Investment Group.
Many decisions proved wrong
Several decisions of the Soft Bank Vision Fund led by Rajiv Mishra have proved to be wrong. In 2019, the company invested $ 47 billion in tax in WeWork. The value of this investment is now only $ 2.9 billion. The value of investments made in Uber has also decreased by $ 10 billion. Investment in Oyo was also a loss deal for the company.