Sprint stocks were up more than 6 percent Tuesday afternoon after President-elect Donald Trump announced the carrier’s parent company, SoftBank, is planning to make a massive $50 billion investment in the United States.
According to Trump’s Twitter blast and an announcement made in the lobby of Trump Tower in New York City alongside SoftBank CEO Masayoshi Son on Tuesday, the Japanese businessman has agreed to invest some $50 billion stateside “toward businesses and 50,000 new jobs.” Trump called Son “one of the great men of industry” and thanked him for his commitment.
The revelation followed a meeting between Son and Trump in Trump Tower earlier in the day, but additional details of the plan were not revealed by Trump.
The incoming president, however, did note the investment was a consequence of his November win.
The announcement comes amid intense speculation about what Trump’s presidency will mean for mergers and acquisitions in the wireless arena. Sprint is one of two major wireless carriers – the other being T-Mobile – anticipated to be a part of any such deal.
