Softbank Chairman Making Good On Promise To Invest Billions In the US
Looks like Softbank Group Chairman Masayoshi Son is making good on his promise to invest billions and create tens of thousands of jobs in the U.S.
The Softbank Vision Fund, now the world’s largest private-equity fund, announced on Saturday that it has raised over $93 billion to invest in technology like artificial intelligence and robotics, Reuters reported.
Trump tweeted back in December that Masayoshi Son had promised to invest $50 billion in the U.S. – something that, according to Trump, wouldn’t have happened if Hillary Clinton had won the election.
The announcement coincided with President Donald Trump’s visit to Saudi Arabia – his first trip abroad as president – and the signing of billions of dollars’ of deals between the two countries, including a $350 billion arms deal that’s been tagged as the largest ever. Softbank Group and Saudi Arabia’s Public Investment Fund, the kingdom’s sovereign-wealth fund, have partnered the create the fund, which also has received contributions from deep-pocketed investors including Abu Dhabi’s Mubadala Investment, which has committed $15 billion, Apple Inc, Qualcomm, Taiwan’s Foxconn Technology and Japan’s Sharp Corp.
The fund is still hoping to reach $100 billion and expects to complete its money-raising in six months, according to Reuters.
We’re looking forward to the flood of leveraged buyouts that will likely follow.