SoftBank shares rise on $1.86 billion debt offering as CEO talks up super AI
Summary
Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., speaks during the companys annual general meeting in Tokyo, Japan, on Friday, June 20, 2024. Son sketched out ambitions to help create AI thousands of times smarter than any human, making his most grandiose pronouncements since the Japanese conglomerate began taking steps to shore up its finances following a series of ill-timed startup bets. SoftBank on Friday announced plans to issue euro and dollar-denominated bonds as it looks to pay down debt and focus its investments on artificial intelligence. SoftBank said the money raised will be used for "repayment of indebtedness and for general corporate purposes." Its shares closed up 2.5% after news of the bond issuance.