Jobs
Japan’s SoftBank Pledges $100 Billion—And 100,000 Jobs— To US For Trump’s Second Term
Topline
SoftBank Group announced a multibillion-dollar investment into U.S. projects during President-elect Donald Trump’s second time in office, likely in AI jobs—doubling a similar promise SoftBank’s CEO made in Trump’s first term that created mixed results.
Donald Trump, left, and Masayoshi Son in 2018.
Key Facts
SoftBank’s billionaire CEO Masayoshi Son and Trump jointly announced the initiative Monday at Trump’s Mar-a-Lago resort, matching earlier media reports.
Tokyo-based SoftBank will dedicate $100 billion to U.S. ventures over the next four years—double a similar commitment announced in December 2016 heading into Trump’s first presidential term.
“President Trump is a double down president, I’m going to have to double down,” Son said at the joint press conference.
The upcoming investment aims to bring an estimated 100,000 jobs in AI and related industries supporting the burgeoning technology, according to Son.
In 2019, Forbes found Son’s $50 billion pledge was largely fulfilled, though the jobs promise was difficult to track, and questionable, after the near-collapse of SoftBank-funded WeWork.
Crucial Quote
“He’s a great negotiator,” Son joked about Trump after the American asked Son to double his commitment to $200 billion.
What We Don’t Know
Exactly what SoftBank’s massive investment will entail. SoftBank, which is perhaps best known for its Vision Fund venture capital arm, is a major player in AI, with a majority stake in generative AI chip architect Arm Holdings and a $1.5 billion stake in OpenAI, maker of the viral ChatGPT chatbot. SoftBank has $30 billion of cash in hand, the Journal noted, meaning it’s also not fully known how the Japanese company will raise the full extent of the commitment.
Forbes Valuation
Son is the second-richest person in Japan and the 56th-richest person in the world with a $32 billion fortune, according to our estimates.
Key Background
Trump described Son as “one of the most accomplished business leaders of our time” on Monday. Son, who believes AI will be 10,000 times smarter than humans by 2035, is a part of a growing chorus of the ultra-rich seemingly bullish on the prospects of American industry under Trump. In addition to the world’s richest man Elon Musk’s significant backing of Trump, tech titans like Amazon’s Jeff Bezos, Meta’s Mark Zuckerberg and OpenAI’s Sam Altman all have expressed optimism about the U.S. tech industry’s prospects during Trump’s upcoming term and donated millions to his inauguration.
Further Reading
It’s beginning to look like another record for holiday travel
KICK START 2025! Fitness Club Merritt Island New Year Sale Now Underway, Join Now and Save! – Space Coast Daily
Daily Horoscope for Friday December 20, 2024 | Astrostyle: Astrology and Daily, Weekly, Monthly Horoscopes by The AstroTwins
LeBron James becomes NBA’s all-time leader in minutes played
Philadelphia group busts unlicensed businesses, addresses blight | Exclusive look
Chargers use 2nd-half surge to rally past Broncos, boost playoff position in AFC
Cavs’ Evan Mobley takes local foster children, foster parents holiday shopping
Baseball: Tomoyuki Sugano aims to help Orioles contend for World Series
Big Lots preparing to go out of business unless sold by January
