SoftBank’s share surged more than 17% in a day after buyback announcement

February 7, 2019 | Investopaper

SoftBank’s stock surged on Thursday after its CEO Masayoshi Son announced a share buyback. SoftBank Group, the japanese conglomerate, said it would repurchase 112 million shares worth 600 billion yen (approx $5.46 billion) in the next 11 months. This is about  10.3 percent of its total outstanding shares.

After the buyback announcement, the share price increased by 17.73 percent in a day. The shares of SoftBank closed at 9,962 yen on Thursday.

The rise in share price added 1.94 trillion yen ($17.6 billion) to the market value of the company. The CEO Masayoshi Son’s  net worth rose by about $5 billion.

Son has  been arguing for a long time that SoftBank’s share price doesn’t reflect the value of its business and investments.



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