Questions Are Getting Raised On Softbank's Promise OF Creating More Than 50000 Jobs in the US

Questions Are Getting Raised On Softbank’s Promise OF Creating More Than 50000 Jobs in the US

Business

When it comes to politics, people know that politicians are famous for making an optimistic statement about making things great again. Such type of stuff happened precisely four years ago when trump defeated Hillary Clinton to become the president of the United States of America. Trump, after got elected, met Softbank’s founder and CEO Masayoshi Son and promised to bring more than 50000 jobs. Masayoshi Son is famous for making a vision fund of more than $100 billion under which Softbank tries to invest in new and emerging startups.

At that time, Masayoshi Son promised in front of media that Softbank would spend more than 50 billion dollars in the US economy in four years. However, Masayoshi Son has kept his promise, and within three years period, only he has managed to invest more than $47 billion in US companies. This investment has diversified into emerging startups like DoorDash, Slack, WeWork, etc. Now the questions are getting raised on whether the promise of creating more than 50000 jobs will come true or not.

The majority of the investments from SoftBank have gone to private companies, and the publicly data is not made available by these companies. Companies like Uber, WeWork have laid off many of its employees in recent months because of various issues. Uber decided to let go off its employees because of the reconstruction program the company held. Other companies like Foxconn and Alibaba also promised to create thousands of jobs since the election, but the number of jobs created by these companies is not that big. However, Trump administration is showing off the excellent stat of creation of employment by domestic companies. Still, the promise made by Chinese and other foreign companies to create jobs is getting questioned by analysts, and trump might have to answer it before 2020 re-election.

Arya Harrington

Arya, our senior correspondent for business updates, have worked in the industry for more than a decade as an executive and in other roles. Right now, she focuses on covering business updates that matter to not just the commons but also professionals like investors. She is a great lover of books and is planning on writing the ultimate guide on business analytics.

Leave a Reply

Your email address will not be published. Required fields are marked *