President-elect Trump has been working hard and making business deals to bring a plethora of jobs to the American people – something which should be considered a job requirement of the President of the United States, but seems to have been lost since the Reagan administration, until now.
Trump has saved jobs at Carrier, Ford, and Nabisco already, but this latest deal could be the cream of the crop, at least so far.
Donald Trump announced that a Japanese telecoms and Internet firm, SoftBank Group Corp., plans to invest a staggering $50 billion in United States businesses and create approximately 50,000 new jobs.
The $50 billion would come from a $100 billion investment fund SoftBank Chief Executive Masayoshi Son set up with a sovereign-wealth fund.
Trump was thrilled with the deal when he announced it from the lobby of his Trump Tower in Manhattan where he’s been meeting with a wide range of people from both sides of the aisle, including world-wide business moguls like Son.
Son’s SoftBank is a diverse company that holds stakes in Sprint, Chinese e-commerce giant Alibaba, and other firms.
From his tower, Trump glowingly announced:
“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.
… He’s one of the great men of the industry, so I just want to thank you very much.”
Son was also in the Trump Tower lobby with the President-elect to greet reporters.
Son announced to reporters:
“I just came to celebrate his new job. We were talking about it. Then I said I would like to celebrate his presidential job and commit, because he would do a lot of deregulation.
I said this is great. The United States would become great again.
We are going to invest $50 billion into the U.S. and commit to create 50,000 new jobs.”
In response to the announcement, U.S.-listed shares of SoftBank went up and were trading at highs of 31.19, which was up 3.7 percent.
Earlier, SoftBank had hoped to merge T-Mobile and Sprint together to rival Verizon and AT&T, but Sprint became aware that T-Mobile would reject the deal.
Shares of Sprint – which SoftBank purchased the majority stake of Sprint for $22 billion in 2013 – also reached highs after the announcement.
In 2014, the Obama administration rejected an attempt by Son to merge Sprint and T-Mobile US Inc., the nation’s No. 3 and No. 4 wireless companies.
SoftBank announced on Nov. 7th, the day before the U.S. election, that they planned to make future large-scale investments via the $100 billion tech fund, rather than on their own, to avoid growing an already bloated debt.
Should the technology investment fund grow as large as $100 billion, it would be one of the world’s largest private equity investors and a potential kingpin in the industry.
Son insisted back in October the fund, “will be the biggest investor in the technology sector.”
Now that the Obama administration’s regulations will be dismantled by Trump’s administration, we can all expect more of the same type of deals to pour into the United States and create an economic boom.
Do you think this is just a sign of things to come?
Tell us what you think in the comments below.