President-elect Donald Trump’s first news conference since the election covered a wide range of topics, but it began with an eye-catching pledge: a $100 billion investment in the United States by SoftBank, a Japanese technology company.
Standing beside SoftBank CEO Masayoshi Son at his Mar-a-Lago estate, Trump announced a pledge that echoed a $50 billion commitment SoftBank made after his victory in 2016. That promise was followed by investments in a host of fledgling startups — some that surged and others that ran into trouble, including the coworking company WeWork and a company called Zume that used robots to make pizza.
According to Trump, SoftBank’s investment is intended to create 100,000 jobs. Trump transition officials said the investment will focus on technology and artificial intelligence over the next four years.
At the news conference, Trump immediately put the SoftBank chief on the spot, asking him to double the commitment. “He can actually afford to do that,” Trump said. Son was noncommittal but called the president-elect a great negotiator.
SoftBank doesn’t have $100 billion in cash on hand. The money is expected to come partly from its balance sheet but also from money raised alongside partners, according to a person familiar with SoftBank’s plans.