THE NEGOTIATOR-IN-CHIEF. We held a presidential election. Did we get a chief trade negotiator instead?
The head of Japan's SoftBank Group Corp (9984.T), which in October set up a $100 billion fund for technology investments, said on Tuesday he would invest $50 billion in U.S. businesses, a move President-elect Donald Trump claimed was a direct result of his election win.
The investment, which could create 50,000 new U.S. jobs, revived speculation on Wall Street that U.S. telecommunications giant Sprint Corp (S.N), 82-percent-owned by SoftBank, might rekinkdle merger talks with T-Mobile US Inc (TMUS.O) that died under pressure from U.S. regulators.
Trump's moves since the election to engage with individual companies, while turning his back on broader, years-in-the-works trade deals, show that the President-elect is leaning on the deal-making skills he honed in the boardroom. Trump campaigned against the overregulation of business and is expected to be more open to mergers than President Barack Obama.
The investment announced Tuesday would come from the $100 billion investment fund SoftBank Chief Executive Masayoshi Son is setting up with Saudi Arabia’s sovereign-wealth fund and other potential partners, according to the Wall Street Journal.
Trump made the announcement in the lobby of Trump Tower in Manhattan where he met with the head of SoftBank, a $68 billion telecommunications and tech investment behemoth.
"Ladies and gentlemen, this is Masa from SoftBank of Japan, and he’s just agreed to invest $50 billion in the United States and 50,000 jobs," Trump said.
"He would never do this had we (Trump) not won the election!" Trump later Tweeted.