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Sofi Technologies (NASDAQ:SOFI) the stock is the center of attention today after Soft Bank (OTCMKTS:SFTBY) would have sold 12.06 million shares, or 12.66% of its position. In an amended 13D filing, the company also hinted that it may sell all or part of its remaining position in SOFI shares.

This news comes after SoFi announced its second quarter results last week. For the period, revenue reached $356 million, beating analysts’ forecast of $340.8 million. Meanwhile, adjusted earnings per share (EPS) posted a loss of 12 cents, also beating an expected loss of 14 cents. Shares of SOFI surged after the earnings.

Despite the positive results, however, SoftBank partially unloaded its position on August 5 and 8. Let’s get into the details.

SOFI share: SoftBank sells 12.06 million shares

On August 5, SoftBank sold 5.38 million shares at an average price of $7.99. Then, on August 8, the company sold an additional 6.68 million shares at an average price of $8.17. After the sales, SoftBank still owns 83.21 million shares, or a 9% stake. However, in its 13D filing, the company said it may “sell some or all of its issuer stock holdings [SoFi] on the free market.

The past year has been extremely difficult for SoftBank. The company has seen the value of its investments drop drastically. During the first quarter, the investment company posted a record loss of $23.4 billion. As a result, founder and CEO Masayoshi Son takes a defensive stance and scales back the company’s operations. The CEO explained:

“For SoftBank Vision Fund, we know we need to significantly reduce operational costs […] Our vision remains the same, our convictions remain the same. But we know we need to reduce operational costs, including headcount. For new investments, we must be more selective.

The company’s flagship fund, the Vision Fund, approved just $600 million in investments in the first quarter, down from $20.6 billion a year ago. Meanwhile, Vision Fund 2 – which has a base cost of $48.2 billion – fell to $37.2 billion as of June 30.

During the quarter, SoftBank also sold its stakes in Uber (NYSE:UBER) and open door (NASDAQ:OPEN) for a total gain of $5.6 billion. In addition, private investments like ByteDance and Klarna saw their valuations dented in a difficult market. The company wrote down the valuation of unlisted investments in the two Vision funds by $8.45 billion in the first quarter, according to Yahoo! Finance.

At the date of publication, Eddie Pan did not hold (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to Publication guidelines.