Saudi Arabia is investing another $45 billion with SoftBank
Saudi Arabia is investing another $45 billion in SoftBank's second Vision Fund, Bloomberg reports.
Mohammed bin Salman, chairman of the Public Investment Fund (PIF) and Crown Prince of Saudi Arabia told Bloomberg that the fund wants to be a key investor in the next $100 billion fund that Softbank CEO Masayoshi Son plans to raise â bringing the PIF's investment in the two funds to a total of $90 billion.
Bin Salman told Bloomberg that the PIF's first investment had paid off. "We have a huge benefit from the first one," he said. "We would not put, as PIF, another $45 billion if we didn't see huge income in the first year with the first $45 billion."
The Crown Prince told Bloomberg that the PIF's assets have risen to just under $400 billion. "Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020," he said.
Son and Bin Salman were the powerhouses behind setting up the first SoftBank Vision Fund in 2016. At the time, Son said he wanted it to become "the biggest investor in the technology sector." He also said in September of this year that he plans to spend around $50 billion a year on startup investment.
Softbank founder and CEO Masayoshi Son. Koki Nagahama/Getty Images
The PIF also has a history of investing heavily in tech companies, including the likes of Uber, Tesla, and Magic Leap.
