SoftBank CEO Pledges $50 Billion to U.S. Tech Industry
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After the hype surrounding the U.S. presidential elections ended, the newly elected President Donald Trump expressed some of his major concerns. One of the most significant agendas is that he aims to increase employment opportunities in the country with the help of substantial financial investments, especially in the technological sector. In order to do so, Trump announced on Tuesday that SoftBank Group Corp will invest $50 billion in the tech industry. Along with this, 50,000 new jobs will arise due to SoftBank’s investment in the U.S. tech industry.

The deal was finalized in a meeting held between Donald Trump and the CEO of SoftBank, Masayoshi Son, held at Trump Tower in New York. The announcement was made through a tweet from the official Twitter account of Donald Trump. In his tweet, he also claimed that Son agreed to make the investment only because Trump won the election.

Details about the investment by SoftBank

The investment in the tech industry by SoftBank will come from a global investment fund. This fund was announced by SoftBank back in October. Using this fund, the bank hopes to invest in promising technological companies on a global platform. The initial plan was to invest around $100 billion in the next five years. The fund will grow to this number with financial help from other companies as well. Supposedly, the public investment fund of Saudi Arabia might also contribute almost $45 billion to this fund. Even though the global investment fund was for companies from all over the world, a majority of the amount is promised to the American tech companies.

SoftBank has made significant investments in the U.S. earlier as well. SoftBank acquired the mobile carrier company Sprint Nextel in 2013 in a deal worth $22 billion. Though there is no official announcement, rumors suggest that SoftBank will acquire T-Mobile through this step. Earlier, talks about the T-Mobile acquisition were shelved due to anti-trust issues. Officials state that the companies attaining this fund aren't final yet.

softbank-invests-50-billion

SoftBank has pledged to invest $50 billion in the U.S. tech industry.

Masayoshi Son: the richest man in Japan

Masayoshi Son founded SoftBank in the year 1981 and controls around 25% of the company’s stock. Son was the second richest person in Japan, when his net value was $17.7 billion. But his decision to invest in the American tech industry has made him the richest man in Japan. Son is now worth $19.7 billion, which has attained him this position. After the announcement of his investment, the company’s stock price increased by 6.1%. This resulted in the increase of the net value of Son as well.

Author
Carrie Ann is Editor-in-Chief at Industry Leaders Magazine, based in Las Vegas. Carrie covers technology, trends, marketing, brands, productivity, and leadership. When she isn’t writing she prefers reading. She loves reading books and articles on business, economics, corporate law, luxury products, artificial intelligence, and latest technology. She’s keen on political discussions and shares an undying passion for gadgets. Follow Carrie Ann on Twitter, Facebook & Google.

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