Business World

Saturday 22 July 2017

Tycoon pledges €50bn in Trump deal

Billionaire Masayoshi Son
Billionaire Masayoshi Son

Josh Boak

Japanese tech billionaire Masayoshi Son has pledged to invest $50bn in the US and create 50,000 jobs after meeting president-elect Donald Trump.

"I just came to celebrate his new job," Mr Son said. "I said, 'This is great, the US will become great again'."

Mr Son is the founder and chief executive of SoftBank, one of Japan's largest technology outfits, which owns the US mobile carrier Sprint. Sprint shares initially spiked after the announcement.

Son left Trump Tower after being escorted down the elevator by the president-elect, who touted the pledge before waiting investors.

The announcement is the latest instance in which Trump appears to be conducting economic policy via ad-hoc deal-making - and sometimes taking credit whether he deserves it or not.

Trump quickly took credit for Son's commitment, writing on Twitter: "Masa said he would never do this had we (Trump) not won the election!"

Financial details about the commitment and its timeframe remain unclear despite requests to Softbank.

Irish Independent

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