Winning praise from President-elect Donald Trump for being a “great man of industry,” Japanese tech billionaire Masayoshi Son promised to invest $50 billion in new startups in the United States, committing to creating 50,000 new jobs.
Son is the founder and chief executive of Japanese technology and telecoms giant SoftBank, which owns Overland Park, Kansas-based mobile carrier Sprint. Sprint shares initially spiked after the announcement. Son left Trump Tower after being escorted down the elevator by the president-elect, who touted the pledge before waiting investors.
“We are going to invest $50 billion in the U.S. and commit to create 50,000 new jobs,” Son told reporters.
Financial details about Son’s commitment and its timeframe remain unclear. A Sprint spokesman referred questions to Softbank.
Read more: Associated Press