Speaking at Mar-a-Lago after meeting
with SoftBank CEO Masayoshi Son, President-elect Donald Trump hailed the $100
billion investment as "a monumental demonstration of confidence in
America's future."
"Masa runs one of the largest
and most successful investment and technology companies in the world,"
Trump said. "We've just concluded a very productive meeting, and I'm
thrilled to announce that SoftBank will be investing $100 billion in America,
creating at least 100,000 jobs. He's making this investment because he feels
very optimistic about our country since the election."
"This landmark investment is a
powerful vote of confidence in America’s future," Trump said. "It
will help ensure that artificial intelligence, emerging technologies, and other
industries of the future are developed, built, and thrive right here in the
USA."
Trump also emphasized, "We will
not rest until America is richer, safer, and stronger than ever before."
Son expressed his excitement about
the investment, saying, "I’m truly excited about this opportunity. I want
to celebrate President Trump’s great victory, and my confidence in the U.S.
economy has soared as a result of his win. Because of that, I’m thrilled to
commit $100 billion and 100,000 jobs to the United States."
Karoline Leavitt, the incoming White
House press secretary, told FOX Business' Varney & Company that the
investment is "a huge win for Trump and another example of the Trump
effect."
She added, "This is President
Trump fulfilling his campaign promise to the American people to make the United
States the manufacturing superpower of the world."
President-elect Donald Trump, left, exits with SoftBank
Group Corp founder and CEO Masayoshi Son to address the media in the lobby of
Trump Tower in New York City, December 2016. (Jabin Botsford/The Washington
Post via Getty Images)A source involved in today’s announcement at Mar-a-Lago told The Wall Street Journal that SoftBank intends to complete the investments by the time Trump leaves office in 2029.
The report also noted that SoftBank
currently holds around $30 billion in cash, leaving some uncertainty about how
the full funding commitment will be fulfilled.
The company had previously launched
the SoftBank Vision Fund, a $100 billion venture capital fund, which faced
setbacks including failures with office space company WeWork and construction
startup Katerra, according to the Journal.
Son was quoted in October stating
that he believes computers will achieve human-level cognitive abilities within
the next two to three years.
SoftBank's Vision Fund invested in WeWork, an office-sharing
company that filed for bankruptcy last year. (Robert Alexander/Getty Images)
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