SoftBank’s big spend in US makes Trump happy: $50 billion, 50,000 new jobs

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After a meeting with President-elect Donald Trump at his namesake tower in New York, Masayoshi Son announced that the company he leads, Japan-based SoftBank, will invest $50 billion into the US economy and put in 50,000 jobs.

The CEO plans to infuse money from the SoftBank Vision Fund — a reserve co-opted between Son, the Saudi Arabian government and other partners — into startups. A source to the Wall Street Journal said that acquisitions valued at up to $30 billion may also be in the works.

The fund is also being put to use in large-scale tech projects in South Korea and India. Son has visited with both countries’ leaders to discuss his plans.

SoftBank acquired Sprint in 2013 and currently has an 80 percent stake in the Kansas-based carrier. Son was intent on merging Sprint with T-Mobile, but failed to do so. With a new president coming into power and shifts in administration, the executive may be playing to see if a regulation-light FCC may allow another merger attempt.

Trump was, of course, very excited about the investment and tweeted that “Masa” would have never had made the investment if it weren’t for his election.

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About The Author
Jules Wang
Jules Wang is News Editor for Pocketnow and one of the hosts of the Pocketnow Weekly Podcast. He came onto the team in 2014 as an intern editing and producing videos and the podcast while he was studying journalism at Emerson College. He graduated the year after and entered into his current position at Pocketnow, full-time.