"The objective of the fund is to facilitate the continued acceleration of the AI revolution through investment in market-leading, tech-enabled growth companies," the Japanese tech conglomerate said in a statement, adding it was still talking to more potential investors and that the fund was expected to grow.
TOKYO: US hedge fund Tiger Global has built a stake worth over US$1bil in SoftBank Group Corp as it considers the Japanese firm undervalued, a source with direct knowledge of the matter said, driving SoftBank shares up as much as 6.8%.
The bump added nearly US$6bil to SoftBank’s market capitalisation, narrowing the gap between the company’s limited valuation as a conglomerate and the valuation that the company says it deserves, thanks to its rich investments. The Japanese tech and telecoms firm, which holds a nearly 30% stake in Chinese e-commerce giant Alibaba, has recently started taking action to address the issue, including preparing a listing of its domestic telecoms unit.
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