Founder of Japanese multinational holding conglomerate SoftBank Group Corp., Masayoshi Son, lost approximately $130 million due to a huge bet on bitcoin's price as the crypto market reached its peak, MarketWatch reports.
According to MarketWatch, Son is well-known for his quick investment decisions and "big risky bets, most of which have paid off."
Son has reportedly invested in bitcoin in late 2017, expecting that its price would hit even larger records.
SoftBank's founder was named the world's 45th most powerful person by Forbes Magazine's List of The World's Most Powerful People in 2013.
He is also known as one of the earliest investors in Internet companies, such as Yahoo! in 1995 and Alibaba in 1999.
Earlier, SoftBank and U.S.-based blockchain-focused developer TBCASoft announced the launch of a blockchain-based "Identification & Authentication" Working Group under the Carrier Blockchain Study Group (CBSG), the global blockchain consortium of telecom carriers.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.