Report: Qualcomm to invest in SoftBank amid Trump publicity

Report: Qualcomm to invest in SoftBank amid Trump publicity
© Getty

Qualcomm will invest in SoftBank’s new technology fund, bringing the Japanese mobile carrier to its $100 million goal, according to The Wall Street Journal.

The SoftBank Vision Fund and its $100 million target was announced in October. President-elect Donald TrumpDonald John TrumpGrassley: Dems 'withheld information' on new Kavanaugh allegation Health advocates decry funding transfer over migrant children Groups plan mass walkout in support of Kavanaugh accuser MORE took credit for the company's decision to invest in the U.S.


It is unclear how much Qualcomm will be contributing toward the investment, but the Journal reported that SoftBank has reached its fundraising goal and will announce an official launch soon. Apple has also reportedly agreed to contribute to the fund.

In early December, nearly two months after SoftBank announced the fund in partnership with a Saudi investment group, Trump declared that the Japanese mobile carrier was planning to invest $50 million in the U.S. as a result of his electoral victory.

“Masa (SoftBank) of Japan has agreed to invest $50 billion in the U.S. toward businesses and 50,000 new jobs,” Trump tweeted. “Masa said he would never do this had we (Trump) not won the election!” 

Trump met with SoftBank’s founder and CEO Masayoshi Son that day in Trump Tower, and told reporters afterward that he is “one of the great men of industry.”

Sprint, of which SoftBank is a majority owner, saw its shares rise by 2 percent the next day.