SoftBank Group (SFTBY) founder and CEO Masayoshi Son said he will invest $50 billion in U.S. businesses as part of an effort to create 50,000 new jobs.The announcement came after Son met with Trump at Trump Tower in New York City this afternoon.
Son told the Wall Street Journal that the money will be coming from a $100 billion investment fund that he recently set up with Saudi Arabia's sovereign-wealth fund and other partners to invest in technology over the next decade.
Following the meeting, Son and Trump appeared in front of a group of reporters to briefly discuss the deal.
"He's just agreed to invest $50 billion in the U.S. and 50,000 jobs," Trump said, according to a video clip from CSPAN. "He's one of the great men of industry, so I just want to thank you. One of the truly great men."
In a tweet, Trump took credit for the investment.
Son had no specific agenda for the meeting but wanted to meet with Trump as an investor in the U.S., sources told Bloomberg. Trump has recently held several meetings at Trump Tower with other prominent business leaders, including Marion Blakey, CEO of Rolls Royce North America Inc., and Robert Johnson, founder of Black Entertainment Television. On Tuesday, Trump was slated to meet with Exxon(XOM) - Get Report CEO Rex Tillerson to consider him for the secretary of state position.
Son made waves in the U.S. when the Japan-based SoftBank bought control of wireless carrier Sprint(S) - Get Report for $22 billion in 2013. SoftBank completed a similar mega-deal overseas earlier this year with the $32 billion purchase of U.K.-based chipmaker ARM Holdings (ARMH) .
Son had wanted to merge Sprint with T-Mobile USA(TMUS) - Get Report but pulled back after getting indications from regulators that they would reject the deal. Some speculate that Son could pursue a tie-up again under a new administration.