A PYMNTS Company

US: Apple invests $1 billion In SoftBank Vision fund

 |  January 5, 2017

Apple has confirmed a $1 billion investment in Softbank’s technology fund, the Wall Street Journal reported Wednesday. That follows weeks of speculation that the tech titan would do so.

SoftBank, which announced the Vision Fund in October, hopes to raise $100 billion. SoftBank is chipping in $25 billion and Saudi Arabia $45 billion. Qualcomm also reportedly will invest.

Apple does not have a venture capital arm, but does have massive cash holdings, much of it overseas.

Apple should benefit from President-elect Donald Trump’s planned corporate tax cuts. But Trump has said he wants Apple to build iPhones in the US, where the costs would be much higher. Meanwhile, Qualcomm faces US regulatory probes, following antitrust rulings against it in China and recently South Korea.

SoftBank CEO Masayoshi Son has friendly ties with Trump, promising to invest in the US and add jobs at its majority-owned Sprint.

Full Content: Investors

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.