Even after rocking the world of tech with its $93 billion Vision Fund, SoftBank is not quite finished, with the Japanese tech giant reportedly planning a new fund that could even dwarf the first mighty endeavour.
At this point the planning is seminal, but according to Recode, a person close to the situation said that the new fund is, “conceptual, but serious.”
Masayoshi Son, CEO, SoftBank
The goal of the initiative would be to bolster the original Vision Fund that raked in close to $100bn, providing full power for engagement in further massive investments in areas that the CEO, Masayoshi Son believes are pivotal.
Masayoshi Son is a firm believer in AI and automation, a target of the CEO made evident by a $4 billion Softbank investment in Nvidia in recent months.
Uber is also now firmly in the sights of Softbank, another potential move that is representative of the bold and ferocious investment actions made by the company.
Arianna Huffington, board member of Uber, said at the Wall Street Journal’s D.Live event that a deal between Softbank and Uber is likely to be struck soon. While this announcement confirms the intent behind the deal, Huffington did not disclose any prices.
Primary and secondary investment will be involved, and Softbank would end up in control of at least 14 per cent of Uber’s shares.
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The Uber investment is said to be worth in the region of $1.3 billion, with major changes set to come following the completion of the deal, with the board growing from 11 seats to a considerably larger 17.
This deal will provide vital new energy to Uber, still reeling from loss of its London license, a move that the company is now engaged in the appeal of. The setback in London follows a string of body blows to the company’s reputation that has led to rapidly diminishing confidence.
