Softbank to invest $50bn and create 50,000 US jobs
Japanese telecoms giant Softbank has announced it will be investing $50bn into the United States and creating 50,000 jobs there, after its CEO Masayoshi Son met with president-elect Donald Trump.
The two men held a meeting in the Republican's Trump Tower on Tuesday followed by an impromptu press conference from Son shortly afterwards to reveal the news.
Softbank owns a majority stake in internet and mobile provider Sprint, which recently had an attempt to merge with T-Mobile rejected by Barack Obama's administration.
The decision of Softbank to invest the sum into the US may well pave the way for the prospective merger to go ahead.
"We were talking about it, and then I said I’d like to celebrate his presidential job," Son said after the meeting between himself and Trump.
Shares in the Japanese company rallied on Wednesday to a yearly high after being boosted 5% by the news from New York, which was also confirmed via Twitter by the president-elect.
Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs....
— Donald J. Trump (@realDonaldTrump) December 6, 2016
On his way to a highly unexpected victory over Hillary Clinton in the race to become the next US president, Trump campaigned ferociously on a ticket which was dominated by bringing more jobs to the country, and heavily taxing companies which move jobs out of the area.
Last week, he was present at a conference at which air conditioning company Carrier announced its decision to keep 1,100 jobs, which were previously said to be heading to Mexico, in the States. As is the case with Softbank, it is unclear what has been offered to Carrier in exchange.