Softbank Group has been buying back its own shares from last two months. They have spent approximately $2.3 billion for the same and has gained market support. The company gave out a statement stating that it has bought 250.6 billion yen of its own stocks until March 13 which is about half the budget planned.
Softbank purchased 58,648,400 of its own shares as of April 30, which is about 40% of the total 145 million planned. The company is led by Masayoshi Son and they are expecting about a massive 1.35 trillion-yen loss for the FY which ended this March. They are planning to release their financial report this week which will have more clarity on the finances of the company.
The company has been an active investor in the startups but is pulling back its shares from firms like WeWork, Oyo and Uber Technologies. The buy-back was announced in mid-March and there wasn’t any increase as such in the stocks initially given the nature of its startups having high risk of getting affected in the economic crisis. The next week saw a plunge of 30% in shares which was followed by Son announcing a second re-purchase of as much as 2 trillion yen.
Post this, the shares have gained almost 70% since they released their plans of raising around 4.5 trillion yen by selling assets over the next year to buy shares as well as reduce debt.