SoftBank CEO seeks $100B from Gulf investors for AI investments
What's the story
Masayoshi Son, CEO of SoftBank Group, is reportedly looking to raise up to $100 billion from Gulf investors. The funds will be used to finance a new wave of artificial intelligence (AI) investments, the Financial Times reported. The move comes as part of Son's broader strategy to deepen SoftBank's commitment to AI technology and innovation.
Investor engagement
Son in talks with Gulf region senior figures
In recent weeks, Son has reportedly held talks with senior figures in the Gulf region, including the UAE. These discussions were aimed at potential fundraising for SoftBank's AI-focused initiatives.
Last week, the company announced that it had completed a $30 billion investment in OpenAI as part of its commitment to the ChatGPT creator's last fundraising round.
Fundraising efforts
Fund to acquire companies, improve operations
Last month, SoftBank raised $11.1 billion in the largest high-yield corporate bond sale globally. The funds were raised to support its massive investment in OpenAI.
Now, if the Gulf fundraising talks bear fruit, SoftBank plans to use the proceeds to set up a fund that would acquire companies and improve their operations using AI and other advanced technologies.