The $2 billion position marks the second time Elliott has taken a stake in Masayoshi Son’s conglomerate, the juggernaut behind the Vision Funds.
U.S. investment firm Elliott has a $2 billion position in SoftBank and is pushing the Japanese conglomerate to initiate a $15 billion share buyback program.
Elliott has a long history of work in Japan, which has seen a wave of reform that has made the country far friendlier to shareholders and drawn names like Warren Buffett., has made a name for itself through its Vision Funds but trades at a steep discount to its book value, or the value of its assets and investments.Elliot has a roughly $2 billion economic interest in SoftBank, according to the person. SoftBank's market capitalization is about ¥13.
Japan has become fertile ground for activist investors, as the country's historic reputation for shareholder unfriendliness has given way to a government- and Tokyo Stock Exchange-driven push for governance reform. Elliott has campaigned at other iconic Japanese firms, most recently at Mitsubishi Fudosan, as well as at Toshiba and at Dai Nippon Printing.SoftBank shares have surged in recent months largely off the back of its Arm investment.
Since that 2000 check, SoftBank's Vision Funds made a series of high-dollar investments in companies that have gone bankrupt or sharply marked down their valuations. Most notably, Son cut a check to WeWork, which spiraled from a $47 billion valuation into bankruptcy last year. WeWork has since emerged from restructuring under new ownership, but SoftBank remains billions of dollars in the red on its investment.
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