It's not really the stick market that's causing this, since few of Softbank's investments have IPOed yet. (The WeWork bubble, in particular, started deflating

It's not really the stick market that's causing this, since few of Softbank's investments have IPOed yet. (The WeWork bubble, in particular, started deflating when they tried to list it.) The more immediate cause is that many of their companies are not profitable, which investors were willing to overlook because they were enticed by future profits. But now COVID is wreaking havoc on the whole economy, and these companies don't have any sort of path to profitability within a foreseeable timeframe.