In the wake of reports that SoftBank Group Corp. founder and Chief Executive Officer Masayoshi Son was set to meet with Donald Trump in New York, the President-elect announced that the Japanese telecommunications company will invest up to $50 billion in the U.S. which includes plans to create 50,000 new jobs here.
Several sources reported that Son, 59, was set to meet with Trump on Tuesday. SoftBank is a major investor in Sprint Corp., one of the largest cell providers in the U.S.
After the meeting, Trump reported that SoftBank has pledged to invest heavily in the U.S.A.
In a video posted by ABC News, Trump and Son emerged in the lobby of Trump Tower in New York to tout the new agreement.
“This is Masayoshi Son of SoftBank from Japan,” Trump said, “and he’s just agreed to invest fifty billion dollars in the United States and 50,000 jobs. And he’s one of the great men of industry so I just want to thank you,” he said as he shook Mr. Son’s hand.
Trump announces that Masayoshi Son, CEO of SoftBank, has agreed to invest $50 billion in U.S., create 50K new jobs. https://t.co/NRYqaLHY4J
— ABC News (@ABC) December 6, 2016
The announcement comes only a week after the President-elect unveiled a plan to save the jobs of some 1,000 Carrier and UT Corp. employees in Indiana.
SoftBank recently launched a $100 billion tech investment effort. The concern was initiated with up to $25 billion in funding from Saudi Arabia.
Upon the launch of the effort in October, Son insisted that the fund “will be the biggest investor in the technology sector.”
“We will further accelerate the information revolution by contributing to its development,” Son added.