Japanese trend tycoon Maezawa reveals off $900 million SoftBank payday

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TOKYO (Information) – Japan’s Yusaku Maezawa on Friday posted footage of a $900 million payday for the style magnate following his sale of a stake in Zozo Inc, the net trend retailer he based, to SoftBank Group Corp.

FILE PHOTO : Yusaku Maezawa, the chief govt of Zozo, which operates Japan’s in style trend purchasing website Zozotown and is formally known as Begin At this time Co, speaks at an occasion launching the debut of its formal attire objects, in Tokyo, Japan, July three, 2018. Information/Kim Kyung-Hoon/File Photograph

In a video posted to YouTube, Maezawa visited a Tokyo financial institution to replace his financial institution e-book, which confirmed a brand new stability of round 100 billion yen ($900 million).

“It’s nerve-wracking!” Maezawa mentioned as he entered the department.

The windfall follows a young supply by Z Holdings, which is managed by SoftBank’s home wi-fi unit, for half of Zozo’s shares this month.

The deal noticed Maezawa scale back his stake within the trend firm to 18%.

Maezawa made 150 billion yen within the deal however a 3rd has already been used to pay down debt, he mentioned within the Youtube video from the seat of his chauffeur-driven automobile.

The previous punk band drummer is well-known for his love of high-end artwork and sports activities vehicles.

Maezawa, who has an in depth relationship with SoftBank founder Masayoshi Son and is planning a visit across the moon in a rocket from Elon Musk’s SpaceX, stepped down as Zozo CEO following a collection of botched initiatives.

His stake sale is the most recent pay-out by SoftBank to a rich firm founder.

In September the funding conglomerate bailed out office-sharing startup WeWork in a deal that noticed co-founder Adam Neumann exit with a $1.7 billion package deal.

Reporting by Sam Nussey; modifying by Jason Neely