President-elect Donald Trump announced Tuesday that Japanese telecom and internet conglomerate SoftBank would invest $50 billion in the United States and create 50,000 new jobs, saying that the decision would not have been made without Trump’s election win.
Trump sauntered out of the elevator and into the lobby of the Trump Tower on Tuesday with Masayoshi Son, the Chief Executive of SoftBank, to announce the news, and later announced it on Twitter claiming proper credit.
Son told The Wall Street Journal in an interview that the money would come from a $100 billion joint investment fund with SoftBank and the Saudi Arabian government to invest in the global technology sector. SoftBank has said it would provide at least $25 billion for the fund in the next five years, while Saudi Arabia’s public investment fund pledged to invest up to $45 billion in the same time period. The additional $30 billion would come from outside investors.
Son spoke with reporters and said:
“We were talking about it, and then I said I’d like to celebrate his presidential job” because Trump will advocate deregulation, Son told reporters according to Bloomberg News. He said he would invest in “new companies, startup companies in the United States.”
A Sprint spokesman referred questions to SoftBank. A SoftBank spokeswoman could not be reached.
Trump has made new jobs a public focal point between his election and inauguration, drawing attention to Ford, Carrier and other employers about potential moves outside the nation. He claimed credit, in a Twitter post, for Son’s pledge.