Masayoshi Son defends Softbank investment decisions

TOKYO (Reuters) – SoftBank Group Corp Chief Executive Masayoshi Son mounted a defence of his investing decisions on Thursday, saying the value of the Japanese conglomerate’s holdings has recovered to pre-coronavirus outbreak levels. SoftBank has undertaken a complex transaction to divest part of its T-Mobile stake to raise $20 billion. The record 2.5 trillion yen ($23 billion) share buyback programme, for which SoftBank has spent 500 billion yen, means shareholders should temper expectations around dividends, Son said. SoftBank has passed resolutions covering the next 1 trillion yen in buybacks. Son also said he is stepping down from the board of Alibaba, following Alibaba co-founder Jack Ma’s departure from SoftBank’s board.

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