Although unicorns might have been more representative of the SoftBank founder’s cavalry charges than horses, as one analyst noted, the broader point was to illustrate the cash his Japanese tech and technology company was raising to shore up defences.
SoftBank Group Corp Chairman and CEO Masayoshi Son speaks during their joint news conference with Toyota Motor Corp President Akio Toyoda (not pictured) in Tokyo, Japan October 4, 2018.
That harvest, plus accompanying stock buybacks and debt reduction at the urging of pushy hedge fund Elliott Management, helped SoftBank’s share price more than double.
Deploying over $10 billion into big, publicly traded technology companies such as Facebook, as SoftBank has announced, hardly seems likely to satisfy his ambition.
SoftBank is now arranging to sell a 22% stake, valued at some $14 billion, in its eponymous Japanese mobile carrier.
Since unveiling plans in March to dispose of up to $41 billion of assets, SoftBank has been moving apace.
It’s a tactical manoeuvre for an aggressive buyer like Son, but none of the deals suggest any change in his longtime, overarching strategy of backing entrepreneurs promising to change the world.
HONG KONG(Reuters Breakingviews) – Masayoshi Son’s latest quirky results presentation drew on lessons from Japanese military history.