On Tuesday, Japanese billionaire and chief of Softbank Masayoshi Son met with president-elect Donald Trump. It seems like this meeting was a very fruitful one as Son promised that he would invest $50 billion in American startups. He also said that this plan would create a number of 50 000 of new jobs for people in the United States. This might bring back hopes of a megadeal in the United States phone market.
Chief of SoftBank
Billionaire and tech enthusiast Masayoshi Son is the chief of one of Japan’s biggest technology outfits. SoftBank also owns Sprint, the American mobile carrier. Son even wanted to buy rival T-Mobile U.S. but back then, the Obama administration stood in the way. Their meeting lasted for 45-minutes and after it, Trump deemed Son as being one of the “greatest men in this industry”. No details have emerged about this deal but most probably, they will soon enough.
President-elect Donald Trump lately seems to be conducting policies more like a businessman than like a president. He holds unusual meetings and makes unlikely allies. And sometimes, he even takes credit for things he should not take credit for. Just last week he claimed to have saved a Carrier furnace plant in Indianapolis. They announced that they would keep 800 jobs inside the country and no longer move them to Mexico. Trump quickly said that he was the one who managed this.
Also, he did the exact same thing with Ford Motor when he proudly announced that he convinced them not to move a factory from Kentucky to Mexico. The problem was that Ford never intended to move that factory in the first place.
Masayoshi Son seems to be an avid Trump supporter. After the meeting, he told the reporters waiting for him in the lobby of Trump Tower that he wanted to congratulate him on his victory and that America’s new president will indeed make the country great again. However, SoftBank is not the only company that wants to invest in the United States. Taiwan’s Foxconn Technology Group said on Wednesday that they might soon make investments in the country too. Foxconn manufactures the iPhone from Apple along with many other products. This might be true because the chief of Foxconn is very good friends with Son.
However, Donald Trump does not seem to want to stop here. He has planned a series of meetings with some important tech chiefs. Among them is Peter Thiel who has been a very enthusiastic supporter of his campaign and one of the few in Silicon Valley. He was even harshly criticized for his option.
As for mobile career Sprint, it has become pretty unsuccessful after SoftBank acquired it back in 2013. Since then, Son has been struggling to find a way to get Sprint out of the hole it fell in. Considering that Sprint fell behind T-Mobile to fourth place, he is right to do so. The company has begun cutting prices and taking some measures which will also reduce costs. We will see what will happen and if Masayoshi Son will indeed add 50 000 new jobs in the U.S.
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