Telecommunications giant Softbank Group plans to invest $50 billion into the U.S. economy, and add 50,000 jobs, president-elect Donald Trump announced in New York Tuesday.
Trump made the announcement over Twitter after meeting with Softbank CEO Masayoshi Son at Trump Tower. It is unclear whether the Japanese company, which has a majority stake in Sprint, might make its investment in the form of a merger or acquisition.
"We will invest in new companies," Son said during an impromptu press conference in the lobby of Trump Tower.
Softbank isn't a household word in the U.S., but its holdings are vast.
Son, who became a billionaire through investments in Japan and China, is in the midst of raising a $100 billion investment fund. But he's had mixed results in the U.S. since Softbank bought a controlling interest in Sprint for $21.6 billion, and lost ground to telecom rivals such as T-Mobile.
Sprint shares rose sharply 4.5%, to $8.42, in mid-afternoon trading Tuesday.
Softbank also plunked down $32 billion this year to acquire ARM Holdings, a U.K.-based chip designer.
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
Masa said he would never do this had we (Trump) not won the election!
— Donald J. Trump (@realDonaldTrump) December 6, 2016
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