Masayoshi Son said his SoftBank Group Corp. will buy back as much as 1 trillion yen ($8.8 billion) of its stock after a decline in the value of its portfolio companies led to a record loss in its Vision Fund investment unit.
The Tokyo-based company said Monday it would repurchase up to 14.6% of its outstanding stock and retire the shares in a program that will run for a year. Son said that if the buyback isn’t completed in the next year, it could be extended.
“We had a heated discussion at the board meeting. We decided now is the time to buy back shares,” Son said at an investor presentation after the earnings announcement. “I am so excited, because I am a shareholder.”
