{"id":25048,"date":"2024-06-05T09:40:08","date_gmt":"2024-06-05T09:40:08","guid":{"rendered":"http:\/\/107424285"},"modified":"2024-06-05T09:40:08","modified_gmt":"2024-06-05T09:40:08","slug":"softbank-shares-jump-up-to-6-3-on-report-that-elliott-managements-pushing-for-15-billion-in-buybacks","status":"publish","type":"post","link":"https:\/\/wp.worldtechguide.net\/softbank-shares-jump-up-to-6-3-on-report-that-elliott-managements-pushing-for-15-billion-in-buybacks\/","title":{"rendered":"SoftBank shares jump up to 6.3% on report that Elliott Management&#8217;s pushing for $15 billion in buybacks"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/wp.worldtechguide.net\/wp-content\/uploads\/2024\/06\/softbank-shares-jump-up-to-6-3-on-report-that-elliott-managements-pushing-for-15-billion-in-buybacks.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p><span class=\"HighlightShare-hidden\"><\/span><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107424286\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>The SoftBank Corp. logo displayed on a glass door of the company&#8217;s store in Tokyo, Japan, on Wednesday, May 8, 2024. SoftBank Group Corp. is scheduled to announce its earnings figures on May 13. Photographer: Toru Hanai\/Bloomberg via Getty Images<\/p>\n<p>Toru Hanai | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><span class=\"waslinkname\">SoftBank Group<\/span><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> shares rose as much as 6.3% on Wednesday, after a report said that <span class=\"waslinkname\">Elliott Management had rebuilt a substantial stake<\/span> in the Japanese technology conglomerate and was pushing for stock repurchases.<\/p>\n<p>Elliott is lobbying for $15 billion worth of share buybacks, arguing that the buybacks will boost SoftBank&#8217;s share price and &#8220;act as a sign of Son&#8217;s confidence in his strategy,&#8221; the Financial Times reported.<\/p>\n<p>SoftBank shares hit a high of 9,572 yen on Wednesday, 6.32% higher than its Tuesday closing price, according to LSEG data. The shares closed 4.6% higher at 9,420 yen on Wednesday.<\/p>\n<p>Elliott&#8217;s stake was valued at more than $2 billion and the U.S. fund manager had been liaising with SoftBank&#8217;s senior management in the last two to three months, the report said, citing people familiar with the matter.<\/p>\n<p>Founded by Masayoshi Son, SoftBank has been investing into artificial intelligence segment since <span class=\"waslinkname\">declaring last year that the company was going into &#8220;offence mode&#8221;<\/span> after building a huge cash pile of over $35 billion during its &#8220;defense mode.&#8221;<\/p>\n<p>SoftBank is betting big on U.K. chip designer Arm, which <span class=\"waslinkname\">went public<\/span> last year. Arm is <span class=\"waslinkname\">reportedly<\/span> planning to launch AI chips by 2025 to capture explosive demand.<\/p>\n<p>The report further said that Elliott was targeting SoftBank for the second time, focusing on the wide gap between the combined value of the company&#8217;s assets and its market valuation.<\/p>\n<p>Elliott had invested $2.5 billion in SoftBank in 2020 and sought share buybacks worth $20 billion along with governance changes, <span class=\"waslinkname\">Financial Times reported<\/span> that year.<\/p>\n<p>Elliott Management did not immediately respond to CNBC&#8217;s request for comment. SoftBank Group declined to comment.<\/p>\n<p><strong>Read the&nbsp;<\/strong><span class=\"waslinkname\"><strong>full report<\/strong><\/span><strong>&nbsp;on Financial Times.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The SoftBank Corp. logo displayed on a glass door of the company&#8217;s store in Tokyo, Japan, on Wednesday, May 8, 2024. SoftBank Group Corp. is scheduled to announce its earnings figures on May 13. Photographer: Toru Hanai\/Bloomberg via Getty Images Toru Hanai | Bloomberg | Getty Images SoftBank Group shares rose as much as 6.3% &hellip;<\/p>\n","protected":false},"author":1,"featured_media":25049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"hashtags":[],"class_list":["post-25048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","has-thumb","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25048"}],"collection":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/comments?post=25048"}],"version-history":[{"count":0,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/posts\/25048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media\/25049"}],"wp:attachment":[{"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/media?parent=25048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/categories?post=25048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/tags?post=25048"},{"taxonomy":"hashtags","embeddable":true,"href":"https:\/\/wp.worldtechguide.net\/wp-json\/wp\/v2\/hashtags?post=25048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}