The president-elect Donald Trump made an announcement that Japan’s SoftBank has agreed to invest $50 billion in the U.S. and as a result the company will create 50,000 job opportunities. The announcement came after Trump held a meeting with Masayoshi Son who is the CEO of SoftBank. Masayoshi is a Japanese billionaire and technology investor. The two met at Trump’s tower in New York. In a statement made on twitter by Mr. Trump, he said that Masayoshi wouldn’t have invested in the US if Trump had not won the presidential election.
In a statement made by Dow Jones, the $50 billion will be part of the formerly announced $100 billion international fund that had been set up with Saudi Arabia.
Eighty percent of Sprint is owned by SoftBank, earlier this year, it also purchased ARM Holdings which is a British chipmaker in. The billionaire investor Son said that he likes the president-elect very much and that he organized the meeting.
The president-elect and Son did not hint on the specific investment that SoftBank intended to make. However, Son suggested that the company will dwell on the technology sector.
After the good news was announced, both T-Mobile and Sprint’s shares exploded. However, they gave up most of the gains. Part of Trump’s agenda is to eliminate the regulations that hinder business growth and for this reason, Son, who has severally attempted to combine Sprint and T-Mobile but was faced by regulatory resistance will take up this golden opportunity.
As the two were having a photo session, the paperwork that they finalized from the meeting showed the Foxconn logo also known as Hon Hai, the company supplies Apple’s iPhones. It’s not yet clear what role the company will play.
Shortly after the election, Mr. Trump said that he had told Apple CEO Tim Cook that he expected him to construct big plants in the U.S. instead of outsourcing in other countries.