Apple confirms $1 billion investment in SoftBank's Vision Fund
Apple confirmed reports it will invest $1 billion into SoftBank's $100 billion Vision Fund, to be used for large-scale technology investments.
"We believe their new fund will speed the development of technologies which may be strategically important to Apple," an Apple spokeswoman told the Wall Street Journal on Wednesday.
Japan-based SoftBank is said to invest at least $25 billion into the fund, to be used in large tech investments. The telecom giant has also been in talks with Saudi Arabia's Public Investment Fund (PIF) for an investment up to $45 billion, according to earlier reports.
It's not clear who else will contribute to the fund, or any future companies it may invest in or acquire.
US President elect Donald Trump met with SoftBank CEO Masayoshi Son in New York City in December. There, the duo announced a plan for $50 billion investment in US tech startups, which they said would create 50,000 new jobs.