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SoftBank shares jump up to 6.3% on report that Elliott Management's pushing for $15 billion in buybacks

·1 min

SoftBank Group shares surged by 6.3% after reports that Elliott Management had acquired a significant stake and advocated for $15 billion in stock repurchases. The move is viewed as a way for SoftBank’s CEO, Masayoshi Son, to display confidence in his strategy and boost the company’s share price. SoftBank shares reached a high of 9,572 yen and closed 4.6% higher at 9,420 yen. Elliott Management had previously invested in SoftBank and called for share buybacks in 2020. The focus of Elliott’s current push is the gap between SoftBank’s asset value and market valuation.