SoftBank’s Son to focus on investing to speed up major company shift

SoftBank Group Corp chief executive Masayoshi Son said on Wednesday he plans to devote the bulk of his time to hunt for technology investments around the world, as part of a major shift in focus underway at the Japanese telecommunications and technology group.

“I have spent 97 per cent of my time on managing the telecoms business and only 3 per cent on investing,” said Son, adding that reversing that balance will allow SoftBank to grow faster.

The comments, made to investors at the group’s annual general meeting in Tokyo, came as shareholders approved the appointment of three executive vice-presidents, SoftBank unit Sprint Corp’s former chief executive Marcelo Claure and former bankers Katsunori Sago and Rajeev Misra.

Son’s comments fit with a transformation taking place at SoftBank from domestic telecoms powerhouse to “unicorn hunter” – as Son terms it – focusing on late stage start-ups around the world.

SoftBank and its investment vehicle Vision Fund, which raised more than US$93 billion last year, have upended the world of deal making, buying up stakes in companies including shared-office space company WeWork and ride-hailing firms Uber Technologies and Didi Chuxing, Ola and Grab.

Bolivian-born billionaire Claure was appointed SoftBank Group’s chief operating officer in May, tasked with driving cooperation between the portfolio companies.