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President and chief operating officer at Softbank, Nikesh Arora, has announced his plans to buy $483 Mn (60 Bn yen) worth of company’s shares.
The deal which is called as “personal bet” will rank as one of the biggest purchases of employer stock by a professional manager.
Nikesh, who is also Google’s former chief business officer, has shown tremendous confidence in Softbank with this instinct. He said, “This is a large transaction for me and involves taking an enormous risk in my life once again. However, I am extremely confident about the future of SoftBank group and the long-term objectives we have set out. I intend to work closely with Masayoshi Son to make the vision a reality.”
Japanese Internet and telecom giant, SoftBank, is presently run by Masayoshi Son, a business legend. The company had appointed Nikesh as its new president in May this year.
Under Arora’s leadership Softbank has emerged as one of the biggest investors in Indian startup landscape. This multinational telecommunications and internet corporation has invested above $1 Bn in startups like Snapdeal, Housing.com, Ola and OYO Rooms.
According to ET, Masayoshi Son said, “Nikesh’s and my vision are aligned. I am delighted that he has shown confidence in the company by doubling down on his partnership. Besides, a great business leader and complement to me, he is a good person at heart.”
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