On Wednesday, Apple Inc confirmed to invest $1 billion in a tech fund being set up by SoftBank Group Corp, Japan. SoftBank has said that it is investing at least $25 billion in the fund and has been in talks with Public Investment Fund of Saudi Arabia for an investment that could be as much as $45 billion.
The spokesman of company – Rosenstock told the media that we believe their new fund will speed the development in the field of technologies which may be strategically important to Apple.
Further, SoftBank said that it plans to make future large-scale investments via the tech fund, rather than on its own.
As per the reports of Reuters in the month of December that Apple had held talks with SoftBank about the investment.
An outside public relations representative for SoftBank – Benjamin Spicehandler said that SoftBank confirmed that Apple invested. He further added that Chipmaker Qualcomm, Foxconn, and Oracle founder Larry Ellison’s family office also have said that they intend to invest in the fund.
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