President-elect Donald Trump announced on Tuesday that Japanese billionaire Masayoshi Son will invest $50 billion into the United States technology sector, a windfall that Trump predicts will lead to the creation of 50,000 jobs.
Son, founder and chief executive of SoftBank Group and the majority owner of Sprint, sat down for a 45-minute with the president-elect at Trump Tower. Just after the meeting, Trump told reporters that Son has agreed to the deal thanks in large part to his Election Day victory.
Masa said he would never do this had we (Trump) not won the election!
— Donald J. Trump (@realDonaldTrump) December 6, 2016
For his part, Son appeared very impressed by Trump.
“I just came to celebrate his new job,” he said during an impromptu press conference. “I said: ‘This is great. The U.S. will become great again.’” Son held up a piece of paper with text proving the $50 billion investment and the 50,000 job promise, his signature visible below.
Startups will be the primary beneficiary of Son’s sizable investment, but the tech mogul also plans to spend an additional $30 billion on American acquisitions in the years to follow.
The cash will come from a $100 billion investment fund that Son established earlier in the year alongside Saudi Arabian royalty and other well-heeled investors. Son’s investment alone comprises nearly one-third of the roughly $163 billion that American venture capital funds can put toward startups.
Watch Fox Business Network confirm that Son would not have made the investment unless Trump won the presidency: