$50 Billion Pledge But Few Details From Japan’s SoftBank Following Trump Meeting

Japanese billionaire Masayoshi Son, who met with President-elect Donald Trump and then announced plans to create 50,000 jobs and invest $50 billion in US startups, has been one of Japan’s most aggressive overseas investors for over two decades.

“We invest into the new startup companies in the United States”, Son told reporters gathered in the Trump Tower lobby.

President-elect Donald Trump stands with SoftBank Group Corp. founder and Chief Executive Officer Masayoshi Son in the lobby of Trump Tower on December 6, 2016 in NY.

Additionally, Son has always been known to make large investments in the United States, such as SoftBank buying 83% of mobile provider Sprint for over $20 billion. Mr Trump later declared on Twitter: “Masa said he would never do this had we (Mr Trump) not won the election!”

FAYETTEVILLE―Donald Trump embarked Tuesday on the second leg of an unorthodox “victory tour”, promising tough policies to put the U.S. economy first and boasting of securing a $50-billion Japanese investment to create 50,000 jobs. After intervening to prevent U.S based Carrier from moving jobs to Mexico, the President-elect focused his attention this week to East Asia.

SoftBank and Saudi Arabia’s Public Investment Fund unveiled their new venture in October. Carrier will get $7 million in state tax incentives to keep the jobs in Indiana.

Son, who has a home in Silicon Valley, is closely watching technological innovations in the US and has established a system under which American executives monitor USA businesses fulltime to find investment destinations.

Before the results of the USA election came in, Reuters noted that SoftBank had earmarked Saudi Arabia’s Public Investment Fund as “lead partner” in a potential investment of “up to $45 billion over the next five years”.

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He’s had mixed results in the US since SoftBank bought what is now an 80% stake in Sprint for $21.6 billion, and lost ground to telecom rivals such as T-Mobile.

“Mr. Son already created the $100 billion fund and chose to invest $50 billion into the U.S”.

SoftBank took a major share in cellular network operator Sprint Corp. a few years ago. Entner said. “I don’t see Masa (Son) doing it for any other reason in such a high-profile way”. The $100 billion fund will be made up with $45 billion (£37 billion) from Saudi Arabia, $25 billion (£20 billion) from SoftBank, and $35 billion (£28 billion) from other global investors.

SoftBank purchased ARM, the United Kingdom chipmaker, for about $32 billion earlier this year.

AT&T’s Randall Stephenson is among a number of businessmen in the US who believe President Trump’s administration could have a positive effect on business dealings. The new Trump administration, however, may feel differently.

Since SoftBank’s 2013 acquisition, Sprint has fallen behind T-Mobile to fourth place in terms of subscribers.