SoftBank Announces $3

Following a significant drop in its stock price and pressure from activist investor Elliott Investment Management, SoftBank Group Corp. announced a share buyback program. The company plans to repurchase up to ¥500 billion ($3.4 billion) of its own shares over the next year. This decision comes as SoftBank founder Masayoshi Son plans to increase investments in AI, despite a recent market correction that has negatively impacted the company`s stock. While smaller than what Elliott had reportedly pushed for, the buyback is seen as a positive step by some analysts, as it indicates a willingness to improve shareholder returns. This move echoes previous instances where SoftBank utilized buybacks to support its stock price during challenging market conditions. Despite reporting a smaller net loss in the recent quarter, SoftBank continues to grapple with losses from its investments in numerous startups through its Vision Fund.