SoftBank will invest at least $100 billion into US tech projects over the next four years, CEO Masayoshi Son and President-elect Donald Trump jointly revealed during a press conference at the Mar-a-Lago resort in Florida on Monday.
Trump, who gained major support from the tech industry ahead of the 2024 election, said the massive commitment from SoftBank would create 100,000 jobs for the US economy. The investments are expected to be focused on artificial intelligence projects and the related infrastructure required to power them.
“This historic investment is a monumental demonstration confidence in America’s future, and it will help ensure that artificial intelligence, emerging technologies, and other industries of tomorrow are being created and grown right here in the USA,” Trump said.
During the press conference, Trump playfully nudged Son to boost his investment to $200 billion. Son responded by saying he “will try to make it happen.”
The announcement marked the second time that Trump and Son have collaborated on a major investment pledge. In 2016, Softbank agreed to spend $50 billion within the US and said it would create 50,000 new jobs.
“My confidence level to the economy of the United States has tremendously increased with his victory,” Son said. “President Trump is a double down president. I’m going to have to double down.”
CNBC was first to report on the $100 billion commitment.
The announcement came just days after Trump teased major perks for investors that pour money into the US.
“Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals. GET READY TO ROCK!!!” Trump wrote on Truth Social last Tuesday.
It wasn’t immediately clear how SoftBank would fund the planned investments. The Japanese investment giant had roughly $29 billion in cash and cash equivalents on hand as of the end of September, according to regulatory filings.
The money could come from SoftBank-controlled entities, such as the Vision Fund or computer chipmaker Arm Holdings, according to CNBC.
Karoline Leavitt, who is set to serve as Trump’s White House press secretary, said during an appearance on Fox Business Network that he “is not even in the Oval Office yet and he’s already delivering on his promises for the American worker.”
With Post wires
Credit: Source link
