US: Japanese CEO tells Trump he’ll invest $50bn in the US

SoftBank Group Chief Executive Officer Masayoshi Son told President-elect Donald Trump he would create 50,000 new jobs in the US through a $50 billion investment in startups and new companies.

The money will come from SoftBank’s previously announced $100 billion technology fund, according to a person familiar with the matter. That investment vehicle has a $45 billion commitment from the government of Saudi Arabia and $25 billion from Tokyo-based SoftBank, which operates technology and wireless companies around the world.

The pledge helps SoftBank, which controls US wireless carrier Sprint, get off to a good start with Trump after failing to win the Obama administration’s backing for a plan to consolidate the mobile-phone market. SoftBank shares rose as much as 5.1 percent to 7,311 yen in early trading in Tokyo, their highest since August 2015.

Some investments from SoftBank’s fund, which was unveiled in October, were probably destined for the US anyway, given the nation’s leadership in the global technology industry. But Son hadn’t previously committed to creating a specific amount of jobs through the investment vehicle

Full Content: Bloomberg

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