Technology

Apple to invest $1B in Trump-touted SoftBank fund

Apple is investing $1 billion in the new SoftBank tech fund touted by President-elect Donald Trump last month, the tech giant confirmed to The Hill on Wednesday.

"We've worked closely with SoftBank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple," Apple spokesperson Josh Rosenstock told The Hill in a statement.

Reuters reported that the two companies were talking about a potential investment earlier in December.

Apple is the latest investor to invest in the $100 billion dollar fund. SoftBank, a Japanese tech company that is heading up the fund, will also invest $25 billion, along with OneWeb, which has pledged to invest $1 billion.

SoftBank told Recode that Foxconn, Qualcomm and the family of Oracle founder Larry Ellison also intend to invest.

Trump has taken credit for SoftBank's investment in the fund, tweeting that SoftBank CEO "would never do this had we (Trump) not won the election!"

The company had planned the $100 billion dollar fund prior to Trump's victory.

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