Japanese technology behemoth SoftBank Group Corporation's Masayoshi Son, the Chief Executive Officer of the company, told Donald Trump, the President-Elect of the United States that his company will create about 50,000 jobs inside the United States. The first 3,000 positions came to fruition on December 21.
The December 6 meeting between President-Elect Trump and Son had the usual flair expected from the billionaire turned politician. The Japanese businessman pledged to invest in the United States. The investment will be made through the technology fund set up by SoftBank. The total investment over several years will come to about $50 billion. A huge number of jobs will be created. This will polish Trump's job generating credentials. It may also make way for a merger between Sprint Corporation (NYSE:S) and T-Mobile US, Inc. (NASDAQ:TMUS) The former is controlled by SoftBank. Sprint shares dipped about one percent during Tokyo's early trading hours.
According to OneWeb, the Satellite startup, it has raised approximately $1.2 billion from existing investors and SoftBank. About $1 billion was given by OneWeb. This round will give much needed money to developing a small satellite capable of low earth orbits. The money will also be used to fund a facility construction in Florida. This facility will churn out about 15 of such machines every week.
OneWeb is founded by Greg Wyler. He spent more than a decade striving to connect the poor and less developed locations of the globe to world wide web. His dreams consist of launching a large number of satellites which will extend the mobile operators' networks. The internet service providers will offer coverage to new areas st much lower expense.
OneWeb and growth plan
OneWeb is headquartered at Exploration Park in Florida, near the Kennedy Space Center. It is expected that the investment will result in the creation of nearly 3,000 new support, manufacturing and engineering jobs in the United States. According to the company statement, employment generation will be staggered over next four years. Son said that he was fully committed to creating employment and reiterated that by mentioning his meeting with Trump, the President-Elect of the United States. He said that the initial investment was the initial step to fulfill that commitment.
In his statement, Wyler said that the investment by SoftBank accelerates the strategic growth plan of the company. He said OneWeb and SoftBank will work in tandem so that an international knowledge infrastructure is built.