SoftBank Group Corp. announced a buyback worth up to ¥500 billion ($3.4 billion), following a month of sharp selloffs and pressure from activist investor Elliott Investment Management to bolster its stock price. The Tokyo-based technology investor plans to buy up to 6.8% of its free-floating outstanding shares in the year to August 7, 2025, according to a release Wednesday. The announcement comes after Elliott built a sizable stake in SoftBank this year and had pushed for a $15 billion buyback.
The buyback by SoftBank Group Corp. comes as a response to the tech selloff that had trimmed much of the company's gains this year. Billionaire founder of SoftBank is mobilizing for the next AI bet, indicating a strategic move amidst market challenges. The move showcases the company's commitment to enhancing shareholder value and addressing investor concerns.
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