The CEO of SoftBank’s ailing Vision Fund, Rajeev Misra, is to be paid 1.61 billion Japanese yen ($15 million) in 2020, according to a notice SoftBank sent to its shareholders on Friday that was cited by multiple reports out of Japan.
The total package is 113% more than Misra received in the last fiscal year, when he took home around $7 million. Misra’s base pay for the year now stands at 1.42 billion yen ($13.2 million), with the remainder being described as “other” pay.
It means the former Deutsche Bank debt trader is the second-highest paid SoftBank employee, behind Marcelo Claure, the former chairman of U.S. telecoms firm Sprint, who is on $19.6 million. SoftBank’s billionaire founder and CEO Masayoshi Son has seen his pay fall 9% to $1.9 million.
The surge in Misra’s pay contrasts with the financial performance of the tech investment company he heads up, which is aiming to deploy over $200 billion to fast-growing start-ups.
The Vision Fund reported a record loss of $17.7 billion earlier this month after huge bets on companies like Uber and WeWork turned sour. SoftBank has written down WeWork’s valuation from $47 billion a year ago to $2.9 billion, while Uber’s valuation has also collapsed by over $10 billion in the last year.
Questions are now being asked on whether SoftBank’s $108 billion Vision Fund 2 will go ahead as planned. Son said that he won’t try to raise capital from other companies and individuals until companies in Vision Fund 1 start performing better.