The Vision Fund division may report a loss of $10 billion.

Masayoshi Son, a billionaire, is going to break another record, this time not the finest.

The world’s largest tech fund lost $18.6 billion from its public portfolio in the first quarter alone, surpassing the previous quarter’s record loss of $18.3 billion.

SoftBank posts profits and losses on its startup portfolio

Given SoftBank’s ownership in each fund, this would result in a loss of around $10 billion for the Vision Fund division, according to Redex analyst Kirk Budny.

It’s a far cry from a year ago when Son stood on a Tokyo stage and declared that SoftBank had made more money in a single quarter than any other Japanese company in history.

As global interest rates increase and China tightens its grip on the industry, SoftBank’s two Vision Funds have been struck hard by plummeting tech firm prices.

Coupang Inc. in South Korea and Didi Clobal Inc. in China were two of Vision Fund’s biggest roadblocks, with each reporting the largest quarterly share price loss of 40% and 50%, respectively.

When global stock markets plummeted in the second fiscal quarter, the Vision Fund suffered its largest loss to date, of 825.1 billion yen.

The fourth fiscal quarter’s results will be determined by SoftBank’s assessment of the value of its vast private assets. ByteDance Ltd., TikTok, and India’s Oyo Hotels are among them.