SoftBank will invest at least $100 billion in US technology projects over the next four years, CEO Masayoshi Son and President-elect Donald Trump jointly revealed during a news conference at the Mar-a-Lago resort in Florida on Monday.
Trump, who won strong support from the tech industry ahead of the 2024 election, said the massive commitment by SoftBank would create 100,000 jobs for the US economy. Investments are expected to focus on artificial intelligence projects and the related infrastructure needed to power them.
“This historic investment is a monumental demonstration of faith in America’s future and will help ensure that the artificial intelligence, emerging technologies and other industries of tomorrow are created and grown right here in the US,” Trump said.
During the press conference, Trump jokingly pushed Son to increase his investment to $200 billion. Son responded by saying he would “try to do that.”
The announcement marked the second time 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 level of confidence in the United States economy has increased tremendously with his victory,” Son said. “President Trump is a double president. I’ll have to double up.”
CNBC was the first to report the $100 billion commitment.
The announcement came just days after Trump teased big benefits for investors pouring money into the US.
“Any person or company investing ONE BILLION 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 Social Truth last Tuesday.
It was not immediately clear how SoftBank would finance the planned investments. The Japanese investment giant had roughly $29 billion in cash and cash equivalents as of the end of September, according to regulatory filings.
The money could come from entities controlled by SoftBank, such as the Vision Fund or computer chip maker Arm Holdings, according to CNBC.
Caroline Leavitt, who will serve as Trump’s White House press secretary, said during an appearance on Fox Business Network that he “isn’t even in the Oval Office yet and he’s already delivering on his promises to the American worker.”
By postal wire
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