SoftBank Will Invest $100 Billion in U.S. Under Trump
SoftBank Group CEO Masayoshi Son announced the company will invest $100 billion in America under President-elect Donald Trump.
SoftBank is a Japanese internet and telecommunications company.
Son believes the investment will create at least “100,000 jobs focused on artificial intelligence and emerging technologies.”
The project should finish before Trump’s term ends in January 2029.
Trump and Son held a press conference at Mar-a-Lago:
SON: Thank you so much. I’m very excited. I would really like to celebrate the great victory of President Trump. And my confidence level to the economy of United States has tremendously increased with his victory. So because of that, I’m now excited to commit this $100 billion and hundred thousand jobs into the United States. This is double of last time as President Trump said. Because I say, oh, President Trump is a double down. President, I’m going to have to double down. Hundred billion dollars and 100,000 jobs.This is my confidence level because that has doubled down. So I am truly excited to make this happen. And, of course, business is important. Technology is important.But one more thing. I’m really hoping is that this President Trump would make the world, bring the world into peace again. That’s my additional hope. And I think he will actually make it happen. So, anyway, I’m excited to go.And we were discussing and President Trump said, Masa! Is not enough. Maybe go for more, right?”TRUMP: I’m going to ask him right now. Would you make it $200 billion? And say. He can actually, believe it or not, he can actually afford to do that! Would you do that?SON: Well. My promise is that…he’s now asking to do more. I think with us dealership, my partnership with you, with your support. I will try to make it happen.TRUMP: All right 200 million investments.SON: He is a great negotiator.TRUMP: He’s a brilliant guy. And an unbelievable job. And the people of Japan and all over the world are very proud of him. Tremendous respect for him. So what he just did, and I would be surprised if what didn’t go to two when you say you’ll try. I know you’ll do it.SON: I will really try it. And I need your support, though.TRUMP: You have my support.SON: Oh, fantastic.TRUMP: Thank you, Master Son.SON: Thank you. Thank you.TRUMP: Do you want to say something to the people of Japan who are all watching.SON: Well, I’m sure our people in Japan are proud to make the partnership of us and Japan be stronger and I’m very excited to make this happen. Thank you very much. Thank you. Thank you.TRUMP: Thank you.
SoftBank pledged $50 billion in 2016 when Trump won:
The 2016 pledge came months after Son secured funding from Middle East countries for most of the SoftBank Vision Fund, a $100 billion venture capital fund. The fund—much of which was invested in the U.S.—became defined by numerous high-profile flops, such as office-space company WeWork and failed startups such as construction-focused Katerra and a robot pizza-delivery company. That performance scared off outside investors from backing SoftBank again for a second Vision Fund—and could add a challenge if SoftBank is intending to raise outside money to fulfill the Trump commitment.
CLICK HERE FOR FULL VERSION OF THIS STORY