CEO of Japanese telecom SoftBank says company will bring $50 billion and 50,000 jobs to US after meeting with Trump
Business Insider by Bob Bryan December 6, 2016
Masayoshi Son, the CEO of Japanese telecom SoftBank, announced Tuesday that his company will be investing $50 billion and bringing 50,000 jobs to the US after a meeting with President-elect Donald Trump.
According to the Wall Street Journal, Son told reporters waiting at Trump Tower that the investment would come from a $100 billion fund created in partnership with the Saudi Arabia sovereign wealth fund and other investors.
SoftBank previously announced a $100 billion tech fund with the Saudis called the SoftBank Vision Fund in October. The fund had not previously detailed where it would invest.
Details on what sort of businesses the fund will invest in or the jobs created were not announced. But Son did show reporters a PowerPoint slide signed by Trump and Son with the vague numbers.
Shortly following the meeting, Trump tweeted the details of the agreement and claimed the deal never would have been done if "we (Trump) not won the election."
Trump and Masayoshi came down from his office in Trump Tower to announce the move to reporters gathered in the lobby of Trump Tower. Trump called Masayoshi "one of the great men of industry" before leaving the Softbank CEO to talk to reporters.
"I just came to celebrate his new job," Son said, according to a pool report. "I said, 'This is great. The US will become great again."
SoftBank is the second-largest telecom by market share in Japan after rival NTT.
The SoftBank move comes just a week after Trump announced a deal with United Technologies to keep 1,100 jobs at its Carrier plant in Indiana.
Following the news, shares of US-based telecom Sprint spiked up just over 4% as of 2:50 p.m. ET. SoftBank owns 83% of Sprint.
Additionally, shares of T-Mobile jumped around 2% after the SoftBank announcement, Son has long targeted the firm for a takeover. Son declined to comment on a possible T-Mobile takeover, which had been quashed due to possible regulatory action, according to the Wall Street Journal.
(So basically this is a deal with Sprint. To bring jobs to America for a company that does a ton of business in America. I know I have Spring service and I want the jobs to be here. Why can't the call centers for example be in the USA. Why do I have to talk to some foreigner when my computer breaks or my cable is out or my phone doesn't work? Give those jobs to Americans. They can be anywhere in the USA.
The implication in the article is that they want to make a deal with the takeover off T-Mobile. We should make the deal if it means jobs. This is way more important than what is happening in Syria. Jobs for Americans. Let the media scoff and the elites poo poo it. The people who get those jobs will not.)