SoftBank stock bounces to 2020 peak as buyers look beyond WeWork

SoftBank Group Corp. shares just reached a new high this year, propelled by a series of buybacks that have seen the stock recoup the losses suffered during the coronavirus market rout.

The stock rose 2.6 per cent on Friday to 5,778 yen ($54), the highest since July 2019. That’s more than double the level of a March low.

The recovery is something of a vindication for CEO Masayoshi Son, who unveiled plans to sell 4.5 trillion yen of assets to reduce debt and bankroll record share buybacks. Son has frequently complained that SoftBank’s shares, even at their peak, trade at less than