SoftBank CEO Tells Trump He’ll Invest $50 Billion in Startups

Additionally, Son has always been known to make large investments in the U.S., such as SoftBank buying 83% of mobile provider Sprint for over $20 billion.

Although it remains to be seen whether Donald Trump’s talk will lead to real growth and investment in the American economy, the new President-elect is certainly winning the publicity battle when it comes to his new administration.

Trump, who defeated Hillary Clinton by promising to create jobs and campaigning as a political outsider who could shake up the system, claimed the Japanese investment as a personal coup.

But the $50 billion will come from a previously announced $100 billion global investment fund set up with Saudi Arabia, according to Dow Jones.

Trump also broke the news on Twitter, adding that Son told him that he would never have done it if Trump had not won the presidential election.

Son said SoftBank, a Japanese telecommunication and Internet service firm, will invest in new start-up companies in the United States, without providing details. However, the two did not give any timeline for this investment. Trump’s four-year term will begin after his January 20 inauguration. On Tuesday, Trump was also scheduled to meet with Exxon Mobil (XOM) CEO Rex Tillerson, who’s said to be under consideration for secretary of state.

Japanese tech giant SoftBank is planning to invest $50 billion (£40 billion) in U.S. startups. But the Japanese have long seen his dramatic side, like the time he choked up on stage remembering his hard upbringing, with a giant black-and-white photo of his immigrant grandmother hovering in the background.

“Fifty thousand jobs he’s going to be investing in”.

A Sprint spokesman referred questions to SoftBank.

Japan’s second-richest man has a 300-year plan for his worldwide technology empire and is fond of speaking about the imminent advent of advanced artificial intelligence.

SoftBank’s planned $50 billion investment in the US will be drawn from a $100 billion investment fund that it now has in Saudi Arabia.

When the fund was set up, SoftBank committed to giving $25 billion over five years.

SoftBank shares soared to a 16-month high in morning trading in Tokyo on December 7, rising as much as 5.1 percent to 7,311 yen ($64.1).

SoftBank already owns most of USA wireless carrier Sprint Corp., and several years ago aggressively pursued an acquisition of rival T-Mobile US Inc.

Following the news, shares of US-based telecom Sprint spiked up just over 4% as of 2:50 p.m. ET. SoftBank was up 6.2 per cent at the close of trade in Tokyo.

But Son’s announcement provides some public relations benefit to any potential bid he might make to buy Sprint’s rival T-Mobile USA Inc., analysts agreed.

Some of the investment had been planned for the United States but it was unclear how much.

Son came to meet Trump and to celebrate the Republican’s election victory.

It’s clear, though, that the new fund that will provide the $50 billion was well under way prior to the US vote November 8.

Shares have soared in Softbank, one of Asia’s biggest technology firms, after it pledged to invest $50 billion (€46bn) into the United States.