Just when investors thought Masayoshi Son was reining in risk at SoftBank Group Corp., the billionaire¡¯s foray into highly leveraged derivatives is giving them fresh reason to worry.

SoftBank shares tumbled 7.2 percent Monday in Tokyo, erasing about $9 billion of market value.

The drop came after the conglomerate made massive bets on high-flying technology stocks using equity derivatives ¡ª and despite one report that it has billions in paper gains.