SoftBank Shares Soar on Plans for Buyback of Up To $9 Billion
- Vision Fund reported a record loss as portfolio holdings fell
- SoftBank shares had dropped more than 40% from peak this year
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SoftBank Group Corp. shares surged as much as 10% after the company said it would buy back as much as 1 trillion yen ($8.8 billion) of its own stock, reverting to a strategy that founder Masayoshi Son has used in the past to benefit investors.
The Tokyo-based company made the announcement Monday as it reported financial results for the September quarter, saying it would repurchase up to 14.6% of its outstanding stock and retire the shares in a program that will run for a year. Son said that if the buyback isn’t completed in the next year, it could be extended.