SoftBank plans major shift in strategy, Son to focus on tech investments

SoftBank and its investment vehicle Vision Fund, which raised over $93 billion last year, have stormed the world of dealmaking, buying up stakes in disruptive tech companies

SoftBank Group Corp Chief Executive Masayoshi Son said on Wednesday he plans to devote the bulk of his time to hunt for technology investments around the world, as part of a major shift in focus at the Japanese tech and telecoms conglomerate.

"I have spent 97 per cent of my time on managing the telecoms business and only 3 per cent on investing," Son said. Reversing that balance will allow SoftBank to grow faster, he said.

The comments, made to investors at the group's annual general meeting, came as shareholders approved the appointment of three executive vice-presidents - SoftBank unit