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Softbank Boss Travels With Trump To Saudi To Launch US$100 Billion Fund

Published on 20 May 2017

Masayoshi Son, the billionaire chairman and CEO of Japanese investment firm Softbank, will follow his friend Donald Trump to Saudi Arabia as Trump embarks on his first trip abroad since becoming US president, according to Reuters.

Son, Japan’s wealthiest person, is scheduled to travel to Riyadh this weekend to announce the launch of a US$100-billion “Vision Fund”, which is backed by Apple and the Saudi Arabian sovereign wealth fund.

“The Vision Fund has created a framework for SoftBank to grow over the next 100, 200, and 300 years,” Son said earlier this year. “The next 10 years would be the time for me to put the plan into practice while grooming successors.”

Son’s trip to Saudi Arabia was timed to coincide with Trump’s first official visit to the country.

In December 2016, Son met with the then president-elect at Trump Tower, and after the meeting the Japanese business tycoon pledged to invest US$50 billion in the US and create 50,000 new American jobs.

Read the original story here.

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