World

Trump Announces SoftBank Will Invest $50 Billion In U.S.

| by Robert Fowler

President-elect Donald Trump has announced -- and taken credit for -- a Japanese bank's intention to invest $50 billion into the U.S., aiming to create roughly 50,000 jobs in the technology sector.

On Dec. 5, Trump met with CEO Masayoshi Son of SoftBank, a Japanese bank that owns 80 percent of the telecommunications company Sprint. After their meeting, the president-elect took to social media to announce Son's plan to invest $50 billion in the U.S., CNBC reports.

"Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs…." Trump tweeted out.

The president-elect then took credit for the development, asserting that Son's decision was a direct result of the presidential election.

Popular Video

This young teenage singer was shocked when Keith Urban invited her on stage at his concert. A few moments later, he made her wildest dreams come true.

"Masa said he would never do this had we (Trump) not won the election!" Trump tweeted.

Son had told reporters that the meeting with Trump was merely celebratory.

"I just came to celebrate his new job," Son said, according to Politico. "I said, 'This is great, the U.S. will become great again.'"

The SoftBank CEO did not disclose what specific jobs his company's investment was planning to create in the U.S. but did suggest that it would focus on start-up companies in the technology sector.

Popular Video

This young teenage singer was shocked when Keith Urban invited her on stage at his concert. A few moments later, he made her wildest dreams come true:

Son has previously expressed interest in merging Sprint with fellow telecommunications company T-Mobile, but regulators under the Obama administration have been staunchly against such a deal, citing antitrust concerns, according to Fox Business.

Shortly after Trump's announcement, trade shares for both Sprint and T-Mobile rose by 5 and 3 percent, respectively.

SoftBank's planned $50 billion investment in the U.S. will be drawn from a $100 billion investment fund that it currently has in Saudi Arabia.

Trump is not the only member of his family making business deals with Japan. His daughter, Ivanka Trump, is currently negotiating a licensing deal between her clothing company with Sanei International, a firm backed by the Japanese government.

In November, Ivanka was present during a private meeting between the president-elect and Japanese Prime Minister Shinzo Abe. Ivanka's inclusion in the meeting raised eyebrows among foreign policy observers, who noted that she is not a U.S. official, although she will handle her father's businesses during his stay in the White House, according to CNN Money.  

Sources: CNBC, CNN MoneyFox BusinessPolitico / Photo credit: Gage Skidmore/Flickr

Is SoftBank's planned investment in the U.S. a positive development?
Yes - 0%
Yes - 0%