Apple Confirms The $1 Billion Investment In SoftBank’s Tech Fund

apple_hkApple was thinking about investing $1 Billion in the SoftBank and Saudi Arabia $100 Billion tech fund. The WSJ confirmed it that, “Apple separately said it plans to invest $1 billion in the Japanese telecom giant’s fund. “We believe their new fund will speed the development of technologies which may be strategically important to Apple,” said Apple spokeswoman Kristin Huguet. She added that Apple has worked with SoftBank for many years”.

SoftBank said that it was going to invest minimum of $25 billion in the fund and has been in talks with Saudi Arabia’s Public Investment Fund for an investment that could go up to $45 billion.

SoftBank promised $50 billion in the United States in aim to create 50,000 jobs. It is still not clear if the $50 billion will come out of the $100 billion fund or SoftBank is making a separate investment.

Recently SoftBank backed, Sprint, the telecommunications giant and OneWeb are going to pen up to 8,000 jobs in the United states.

SoftBank confirmed that Apple invested, said Benjamin Spicehandler, an outside public relations representative for SoftBank. He added that Foxconn, Oracle founder Larry Ellison’s family office and chipmaker Qualcomm also have said they intend to invest in the fund.

Read more about Apple’s investment in the SoftBank fund here.