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Apple Invests $1 Billion in SoftBank Vision Fund

Apple Invests $1 Billion in SoftBank Vision Fund

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Apple has confirmed a $1 billion investment in SoftBank's Vision Fund, a tech fund that will help finance future technologies, reports the WSJ.

Apple spokeswoman Kristin Huguet said, “We believe their new fund will speed the development of technologies which may be strategically important to Apple.” She added Apple has worked with the Japanese telecom company for many years.

SoftBank aims to raise $100 billion for the fund which will formally launch in a few weeks. SoftBank is investing $25 billion itself, Saudi Arabia is investing $45 billion and other investors could include Qualcomm as well as the sovereign-wealth fund of Abu Dhabi.

Masayoshi Son, Chief Executive of SoftBank is creating the fund to help put his company and investors at the forefront of emerging technologies such as artificial intelligence and the Internet of Things.

Last month, President Elect Trump announced that SoftBank plans to invest $50 billion into the U.S. economy and create 50,000 jobs.

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Apple Invests $1 Billion in SoftBank Vision Fund