3 billion dollars richer in just one day

The founder and CEO of the Japanese conglomerate SoftBank Group got more than $ 3 billion richer after a rise in the company’s stock price.

The founder of SoftBank Group and CEO Masayoshi Son, who is already one of the richest people in Asia, may have added billions in his pocket after the trading session on Thursday.

SoftBank shares closed the session in Japan at a price of 9,962.0 yen per share, which is a 17.73% growth compared to its last closing at 8462.0.

Masayoshi Son holds 231,205,000 shares in the Japanese conglomerate as of September 30, 2018, according to the company’s website. If this figure is still accurate, then it would mean that the stock movement on Thursday made the Son about 346.81 billion yen ($ 3.15 billion) richer.

The huge gains on Thursday came after the SoftBank group announced a “huge” buyback on Wednesday.

The SoftBank Group said it would buy 112 million shares worth 600 billion yen (approximately $ 5.46 billion) over the next 11 months, or about 10.3 percent of the total, excluding treasury shares. This came after the company announced a 50% increase in its net income for the first three quarters of the fiscal year.

In recent years, SoftBank has been the focus of its Vision fund, which has shaken the global technology landscape. The Fund has invested in companies such as WeWork, We We Company and giants such as Uber, Didi Chuxing, Grab and Ola.

According to Forbes’ real-time tracker, Son has a net worth of about $21.5 billion.

Source: Reuters

Picture: softbank.jp

 Trader Nikolay Georgiev

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