THE WHAT? SoftBank has sold its stake in THG to Co-Founder Matthew Moulding and Qatar’s sovereign wealth fund for £31 million – a catastrophic loss on the £481 million investment made in 2021.
THE DETAILS The bank purchased the 8 percent stake in May 2021 just before the company floated on the London stock exchange, and while shares initially rose 10 percent, they plummeted 86 percent over the past year as the beauty platform continues to struggle.
THG owns websites such as Lookfantastic, Glossybox, Zavvi and Coggles.
THE WHY? According to the Guardian, SoftBank offloading of its stake in THG comes amidst the decision to liquidate its internal hedge fund SB Northstar, which has amassed losses of around US$6bn (£5bn).
SB Northstar is set to sell 80.6 million shares in THG – it’s entire shareholding – to Qatar Investment Authority and Moulding.