- SoftBank’s Vision Fund alleges that social media startup IRL, in which it invested $150 million, artificially inflated user metrics and deceived the fund.
- IRL, lauded as a rapidly growing app for Gen Z, is said to have used bots to create the illusion of a thriving social network and defraud investors.
- The case highlights potential weaknesses in SoftBank’s scrutiny of its portfolio companies, adding to recent missteps such as losses in crypto exchange FTX and property company WeWork.
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