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After seeing significant losses in the first half of the year, will cut about 20% of staff at its investment arm, according to a .

The Vision Fund has about 500 employees, so the cuts should affect about 100 positions, per the report.

The news is the latest headline in a tumultuous year for the investing giant. In May, SoftBank鈥攁n investor in tech giants such as and 鈥�told investors there will be a 鈥渟tricter selection of investments鈥� for the new year. The announcement came as part of the company鈥檚 earnings report for the fiscal year ended in March.

SoftBank has been hurt by the falling markets, especially the underperformance of companies like China-based ride-hailing app Didi, Singapore-based logistics company , and South Korea’s e-commerce platform .

Then, just last month after announcing a $22.7 loss, SoftBank CEO acknowledged mistakes had been made in investing from the fund.

鈥淲hen we were turning out big profits, I became somewhat delirious, and looking back at myself now, I am quite embarrassed and remorseful,鈥� Son said at a news conference.

Perhaps the best example of SoftBank鈥檚 mindset shift came in February, when it did not release a promised $1.35 billion to as part of an agreed upon deal when the autonomous carmaker completed a commercial deployment of vehicles. Instead, in Cruise for $2.1 billion.

SoftBank’s plight is perhaps the best illustration of how different this year is from 2021.

Further reading

• Why SoftBank鈥檚 Mea Culpa Is Rare Among Startup Investors
• SoftBank鈥檚 Vision Fund Deals Show Slowing Pace, Smaller Rounds
• Softbank To Become More Selective In Investing In Another Sign The Good Times Are Over
• As Venture Dollars Slow, Deal Terms Begin Trending Back Toward Investors

Illustration: Dom Guzman