Sprint parent company to invest $50B in U.S. startups
December 7, 2016 | Bobby Burch
The billionaire behind Sprint’s parent company plans to unload some serious investment capital in American startups.
After a meeting with President-elect Donald Trump, SoftBank CEO Masayoshi Son announced that he plans to invest $50 billion in U.S. startups that will create tens of thousands of jobs in the next four years, according to the Associated Press. SoftBank purchased a majority of Overland Park-based Sprint in 2013 for $22 billion.
“We are going to invest $50 billion in the U.S. and commit to create 50,000 new jobs,” Son said. “We (will) invest into the new startup companies in the United States.”
While Trump appeared to take credit for the announcement, the prospective capital derives from a previously announced $100 billion fund. SoftBank in October announced that it partnered with a Saudi Arabian wealth fund to launch a $100 billion tech fund. The Wall Street Journal reports that SoftBank has poured more than $45 billion into tech investments alongside co-investors over the past two years. SoftBank owns more than 235 companies and more than 100 affiliates.
Son’s meeting with Trump sets the stage for what could be another attempt by SoftBank to acquire T-Mobile and merge it with Sprint. U.S. regulators thwarted that attempt in 2015, however, a Trump administration may be more open to the idea.
2016 Startups to Watch
stats here
Related Posts on Startland News
KC named a top ‘dark horse’ to land Amazon HQ2
National media is lending credence to Kansas City’s prospects of attracting Amazon’s second headquarters. Inc. Magazine on Wednesday published a list of “5 Dark Horse Cities” to land Amazon HQ2, a prospective project that promises to create upward of 50,000 new jobs in whatever locale that nabs the online retailer’s massive new hub. While speculative,…
Couple with tech, startup background embraces risk-taking as new Pitch owners
Local ownership of The Pitch will preserve the Kansas City alternative news publication’s voice, as well as expanding digital content for readers, and promotions and services for advertisers, Stephanie Carey said. “I love the independent voice. I love the fact that we can push those boundaries, push the envelope on stories, dig a little deeper,”…
Cultural differences contribute to entrepreneur access gap, Porter House founder says
Early education about entrepreneurism and the resources available aren’t typically priorities in low- to moderate-income communities, said Daniel Smith. “A lack of access results because we don’t really have a lot of programs in our communities that focus on small business and entrepreneurism,” said Smith, founder of The Porter House KC. “It’s more focused on…
Missouri, Airbnb announce revenue-sharing state sales tax deal
As Kansas City wrangles with its own short-term rental rules, Airbnb and the Show Me State announced an agreement Wednesday that will allow the home-sharing giant to collect and remit taxes on behalf of 6,300 Missouri hosts. Effective Feb. 1, the tax agreement with the Missouri Department of Revenue adds a state sales tax — now…