President-elect Donald Trump, alongside SoftBank CEO Masayoshi Son, announced plans for the Japanese company to invest $100 billion in U.S. projects over the next four years. The announcement, made Monday at Trump’s Mar-a-Lago resort in Palm Beach, Florida, highlights a major focus on artificial intelligence.
Trump described the investment as a "monumental demonstration of confidence in America’s future" and noted that, since his election, there has been significant interest from foreign entities looking to invest in the U.S. economy. "He’s doing this because he feels very optimistic about our country," Trump said.
Son expressed excitement about the announcement, calling it a celebration of Trump’s victory and pledging to help "bring the world into peace again." The planned $100 billion investment is double the amount SoftBank pledged in 2016 during Trump’s first campaign, with Trump jokingly asking Son if he would increase the amount to $200 billion.
The announcement comes after Trump has made similar high-profile deals with foreign companies, although not all have come to fruition. For example, Taiwanese company Foxconn's plan to build a $10 billion complex in Wisconsin has been scaled back since the COVID-19 pandemic.
This latest SoftBank pledge is seen as a win for Trump, who has spent the weeks following his election promoting his policies and negotiating deals with foreign leaders. SoftBank’s diverse investment portfolio includes major stakes in companies like Yahoo, Alibaba, and Nvidia. It also formed a partnership with Saudi Arabia earlier this year to build a robot factory in Riyadh.
Son’s relationship with Trump goes back to 2016, when he made an investment promise to create jobs and invest in U.S. startups following Trump’s election. However, not all of SoftBank’s ventures have been successful, such as its large stake in WeWork, which filed for bankruptcy last year.
