Insider: Elliott holds more than $2 billion in SoftBank shares and pushes it to launch a $15 billion buyback plan

Elliott Management has built a sizable stake in SoftBank Group Corp. and is pushing it to launch a $15 billion buyback program, according to people familiar with the matter. Elliott has accumulated a stake worth more than $2 billion and has been in contact with SoftBank executives in recent months, according to the FT. Elliott believes that such a large-scale stock buyback will help founder Masayoshi Son convey his confidence in SoftBank to the market. The company's shares rose 4.6% in Tokyo. This is the second time Elliott has targeted SoftBank, once one of the world's largest and most influential technology investors. Elliott accumulated about $3 billion in shares in 2020, after which SoftBank significantly accelerated its buybacks. Elliott later sold most of its shares in SoftBank. A SoftBank representative declined to comment. A representative for Elliott did not immediately respond to a request for comment. SoftBank has reduced its bets on startups in recent years. The company is preparing to invest more heavily in artificial intelligence and other areas after the value of key assets such as Arm Holdings Plc soared. (Bloomberg)