Reuters | Nov 17, 2020 17:50
By Krystal Hu
(Reuters) - SoftBank Group Corp (T:9984) Chief Executive Masayoshi Son said on Tuesday he is sitting on about $80 billion (£60 billion) in cash for investment opportunities and share buybacks, and vowed to stick with his famously big bets on technology companies.
The move into cash by selling some SoftBank investments is in part due to concern over the continued spread of the coronavirus globally, Son told the DealBook Online Summit hosted by the New York Times.
"It's the first time in our history to liquidate any of the assets as quickly as possible," Son, speaking from Tokyo, said of SoftBank's recent sales.
Son said he will be "aggressive" if there are opportunities to invest in artificial intelligence companies.
"It is maybe a better price now for investing in unicorns. They need the funding," said Son, referring to private companies worth at least $1 billion. He added that he also planned on more share buybacks if SoftBank's stock falls.
SoftBank has set a $41 billion share buy-back and debt reduction plan. Its stock has more than doubled since its lows in March.
Son declined to comment on reports that SoftBank is thinking about taking itself private.
Son, who made his name for investing early in startups such as China's Alibaba (NYSE:BABA) Group (HK:9988) as well as office-sharing firm WeWork, said he will continue to take stakes in public companies he thinks are frontrunners in the AI race, including Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB).
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.