SoftBank said it plans to raise as much as $41 billion to buy back shares and reduce debt in an unprecedented move
) plans to raise as much as $41 billion to buy back shares and reduce debt in an unprecedented move to restore investor confidence as a financial market rout pummels its shares and its portfolio companies.
Its shares jumped 19% for their biggest daily gain in nearly 12 years after the pledge to sell or monetize up to 4.5 trillion yen of assets to buy back 2 trillion yen of its shares in addition to a buyback of up to 500 billion yen announced earlier this month. SoftBank’s share price has been hammered by investor scepticism over the outlook for Son’s bets on start-ups such as WeWork and Uber .
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