Masayoshi Son, the CEO of the Japanese telecom SoftBank, announced Tuesday that his company will invest $50 billion and bring 50,000 jobs to the US after he met with President-elect Donald Trump.
According to The Wall Street Journal, Son told reporters at Trump Tower that the investment would come from a $100 billion fund created in partnership with the Saudi Arabia sovereign-wealth fund and other investors.
SoftBank in October announced a $100 billion tech fund with the Saudis called the SoftBank Vision Fund. The fund had not detailed where it would invest.
Details about the jobs or what sort of businesses the fund would invest in were not announced. But Son showed reporters a PowerPoint slide signed by Son and Trump with the vague numbers.
Shortly after the meeting, Trump tweeted the details of the agreement and said the deal never would have been done “had we (Trump) not won the election.”