SoftBank’s boss wants to be the Warren Buffett of tech
The boss of Japanese telecoms giant SoftBank, which snapped up UK chip maker ARM in a multi-billion pound deal earlier this year, has laid out ambitious plans for its new technology investment strategy.
Chairman and founder Masayoshi Son said he wants to become the Warren Buffett of tech, handing over responsibility for the day to day running of each part of the cash flow generating business to the respective executives while he focuses more on investment opportunities.
Read more: SoftBank confirms creation of 1,700 UK jobs as part of £24bn Arm takeover
"I would like to become the Warren Buffett of the tech industry," he said at a conference discussing its second quarter earnings, which beat expectations.
"Berkshire Hathaway in the technology industry. They have the cash flow as an insurance on one side and on the other side they are doing investment. They combine both well in their business model. I want to become Berkshire Hathaway in the technology industry. I would like you to see SoftBank like that," he said.
Read more: UK tech investors are incredibly happy about SoftBank's $100bn fund
Part of those plans include the creation of an unprecedented tech investment fund worth as much as $100bn, which will have its headquarters in London.
Future investments like the one in ARM will be made through the fund, the company said.
Operating profits for the three months to the end of September jumped 6.8 per cent to 334.7bn yen (£2.6bn), beating analysts forecasts.