President-elect Donald Trump announces that SoftBank will invest $100 billion in the United States

President-elect Donald Trump joined SoftBank Group CEO Masayoshi Son to announce the Japanese company's plan to invest $100 billion in U.S. projects over the next four years.

Trump announced planned investments, expected to focus on artificial intelligence, at his Mar-a-Lago resort on Monday, with Son at his side, as well as Howard Lutnick, head of investment bank Cantor Fitzgerald, and the Trump's choice for Commerce Secretary.

“He's doing this because he feels very optimistic about our country,” Trump said. The president-elect said that since his election, people have expressed interest in “coming with huge amounts of money.”

SoftBank's investments, Trump said, are “a monumental demonstration of confidence in America's future.”

Son said he wanted to “celebrate President Trump's great victory” and would “bring the world back to peace.”

“I’m really excited to make this happen,” he said.

After the president-elect pointed out that the $100 billion was double the investment pledge Son made in 2016, on the eve of Trump's first administration, the tech mogul said he would double the bet. Trump, seemingly joking, asked him on the microphone if he would double the investment again: “Would you do it to reach $200 billion?

Trump has in the past announced deals with foreign companies with great fanfare, although some companies ultimately failed to make promised investments.

Foxconn Technology Group, a Taiwanese company best known for producing Apple iPhones, received praise from Trump after announcing plans in 2017 to build a $10 billion complex that would employ 13,000 people in a small city just south of Milwaukee. But Foxconn's investment was reduced to a fraction of that amount after the COVID-19 pandemic.

Monday's announcement, however, is a victory for Trump, who has used the weeks since the election to promote his policies, negotiate with foreign leaders and try to strike deals.

He had already threatened to impose high customs duties on Mexico and Canada, which prompted the Canadian Prime Minister's visit. In a post on his Truth Social site last week, Trump said anyone making a billion-dollar investment in the United States “will receive fully expedited approvals and permits.” , including but not limited to all environmental clearances. » and a call with the Mexican president.

SoftBank was founded in 1981 by Son, a brash entrepreneur who studied at the University of California, Berkeley. SoftBank invests in various companies that it brings together through its venture capital fund.

The company's investment portfolio includes search engine Yahoo, Chinese retailer Alibaba and artificial intelligence company Nvidia. Earlier this year, it entered into a partnership with Saudi Arabia to build a robot factory in Riyadh.

After Trump first won the White House in 2016, he met with Son before taking office. Son then announced plans to create 50,000 jobs and invest $50 billion in American startups, which Trump celebrated on social media, saying it would never have happened if he hadn't won the elections.

Not all investments have borne fruit. Most famously, SoftBank's massive stake in office-sharing company WeWork, which filed for bankruptcy protection last year. He also invested in the bankrupt robot pizza manufacturing company Zume.

Monday's announcement comes days after Trump pledged to speed up federal permitting for energy projects and other construction worth more than $1 billion.

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Associated Press writers Jill Colvin in New York and Paul Wiseman and Zeke Miller in Washington contributed to this story.

Copyright 2024 by Associated Press. All rights reserved.

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