⚡Elon Musk stabbed Masayoshi Son in the back, and now Son is bankrupt!❗️ On November 6th, Musk casually tossed out a comment on X: "SoftBank is defaulting on its gas turbine orders." This statement immediately caused SoftBank's stock price to plummet by over 10%, wiping out $3.9 billion in net worth for Son in a single day. A few days later, SoftBank released its financial report, revealing the wound: From July to September 2026, SoftBank suffered a net loss of 1.12 trillion yen (approximately $7.1 billion). This is the first time in nearly two years that it has suffered a quarterly loss, far exceeding market expectations. Where did SoftBank lose its money? First, Musk's stab has come true. SoftBank invested heavily in a power project to support its AI data center in Ohio, USA, securing gas turbine production capacity in advance and paying a large, non-refundable prepayment. As a result, the deployment of AI computing power was slower than expected, leading to project adjustments and a direct loss of 597.2 billion yen (approximately US$3.73 billion), accounting for more than half of the total losses. Second, the Vision Fund went from a "money-printing machine" to a "burden." It lost 81.6 billion yen this quarter, while the market had expected it to earn 222 billion yen. Investment returns plummeted by 90.4% year-on-year. Heavily held stocks like Arm, Intel, and Didi all fell during the AI sell-off. Third, the backlash from borrowing money to speculate on AI has arrived. The Vision Fund's financing costs reached 225.5 billion yen, a staggering 169.2% year-on-year increase. The five-year CDS spread surged to 466 basis points, the highest since October 2022. The market began to worry about its ability to repay the loans. Masayoshi Son's net worth has also experienced a rollercoaster ride. At the height of the AI boom in June, his net worth surpassed US$100 billion, making him once again Asia's richest man. Three days later, SoftBank's stock price evaporated by 13.2 billion in a single day, causing it to fall from the top spot among richest companies. In early November, another sell-off resulted in a single-day loss of 3.9 billion. From its peak, SoftBank's stock price has fallen by over 50%. SoftBank's model is essentially "borrowing money to go all in on AI." When the market is good, leverage amplifies returns; when the market is cold, asset prices depreciate, but debts remain unpaid, and losses are magnified. Musk's move merely reopened the wound prematurely. SoftBank's trump card is OpenAI, with a $64.6 billion investment, a 13% stake, and a paper profit of 45 billion. However, OpenAI's IPO has been postponed to 2027, meaning it cannot be cashed out until then, rendering this trump card temporarily worthless. Masayoshi Son is not the first to be negatively impacted by the cooling AI market, nor will he be the last. SoftBank was simply the first to bleed from Musk's attack.