> They almost certainly would not have made these investments unless they believed they could make a return of >3x. Softbank isn't like a traditional VC. They

> They almost certainly would not have made these investments unless they believed they could make a return of >3x. Softbank isn't like a traditional VC. They structured their fund like private equity where they retain a percentage of returns above x% per year. In addition to this, they take a 1% management fee regardless of returns. For most VC's, you'd expect the carry to represent the majority of incentive. But, Softbank is unique in that their fund is $100bn. They take home a hefty $1b in management fees regardless of how their portfolio performs. I wouldn't be surprised in the slightest if they make 'safe' bets for the sake of boosting their allocation numbers, even if they think there's a nil chance of 3x EV.