SoftBank wants to buy 45% of its shares to survive the coronavirus

Japanese billionaire Masayoshi Son has a plan to save SoftBank from the coronavirus: sell $ 41 billion of its assets and use the money to pay down debt and buy its own stock.

Masayoshi hopes that such drastic measures will reassure shareholders of the resilience of his business under the threat of a global recession. "This will allow us to strengthen our balance sheet while significantly reducing the debt." he said in a statement.

[Read: Google’s coronavirus information site is now live]

SoftBank now intends to buy 45% of all stocks that exist on the market, after revealing a $ 4.5 billion buyback program earlier this month. It is now the largest cash injection in 38 years of the technology conglomerate.

Until now, it is unclear whether he will resell the shares or withdraw them.

Coronavirus is just the beginning of SoftBank's problems

There is more to the SoftBank saga than the misfortunes of coronaviruses. A series of bad calls made by its venture capital company Vision Fund, supported by $ 100 billion, have also led to debt charges: the most spectacular snafu being the billions injected into the real estate start-up WeWork before its introduction disastrous stock market.

Vision Fund has also made significant investments in carpooling start-ups (Grab, DoorDash and Didi) and hotel groups (Oyo) two areas hardest hit by coronavirus-related measures.

coronavirus, softbank