Trump says SoftBank’s Son increasing U.S. investment

Business

MT. PLEASANT, Wis. – U.S. President Donald Trump said on Thursday SoftBank Group Corp (9984.T) Chief Executive Masayoshi Son is increasing his investment in the United States to $72 billion, significantly more than the $50 billion he had previously pledged.

U.S. President Donald Trump waves during a visit to Foxconn with Foxconn Chairman Terry Gou (R) and Chairman and CEO of Softbank Masayoshi Son (C) in Mount Pleasant, Wisconsin, U.S., June 28, 2018. REUTERS/Kevin Lamarque

“His $50 billion turned out to be $72 billion so far, he’s not finished yet,” Trump said, without providing details.

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Trump’s comments came at a groundbreaking ceremony in Wisconsin for a manufacturing facility for Foxconn (2317.TW), the world’s largest electronics contract manufacturer, attended by Son and Foxconn Chairman Terry Gou.

Son made remarks at the event but did not reference the $72 billion figure.

SoftBank was not immediately available to comment.

Foxconn is formally known as Hon Hai Precision Industry Co Ltd (2317.TW).

Reporting by Jeff Mason; Writing by Sam Nussey; Editing by Stephen Coates

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