The Wall Street Journal: SoftBank CEO announces $50 billion investment in U.S.

Masayoshi Son, the brash billionaire who controls Sprint Corp., said Tuesday he would invest $ 50 billion in the U.S. and create 50,000 new jobs, following a 45-minute private meeting with President-elect Donald Trump.

The telecom mogul, who made his fortune in Japan with SoftBank GroupCorp. 9984, +2.26%  , announced his investment plans in the lobby of Trump Tower, though he didn’t provide details. Trump took credit for the investment, saying his November victory spurred SoftBank’s decision.

SoftBank CEO to Invest $ 50 Billion in U.S. After Trump Meeting

SoftBank CEO Masayoshi Son pledged to invest $ 50 billion in the U.S. and create 50,000 new jobs after a meeting with President-elect Donald Trump. They addressed the media at Trump Tower in New York on Tuesday. Photo: AP

Son told reporters he planned to “invest into the new startup companies in the United States.” It would be difficult to create 50,000 jobs entirely by investing in startups, which generally employ few workers. Sprint employs about 30,000 people and has cut jobs to combat losses.

In an interview, Son said the money will be coming from a $ 100 billion investment fund that he began setting up earlier this year with Saudi Arabia’s sovereign-wealth fund and other potential partners. Son’s plan to pour $ 50 billion is massive compared with the total amount of capital in venture circles. Venture-capital firms had $ 163 billion available to invest in new deals as of June 2016, according to research firm Preqin.

An expanded version of this report appears on WSJ.com.

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