Chief executive Masayoshi Son said the record buyback would prop up the tech giant’s share price.
Shares in Japanese tech conglomerate Softbank surged nearly 17% after its chief executive Masayoshi Son unveiled a $5.5bn (£4.3bn) share buyback.
Mr Son said the buyback will prop up the company’s share price, which he sees as chronically undervalued.
Softbank has stakes in dozens of technology companies through its Vision Fund.
Mr Son said when these investments are counted properly, Softbank is worth far more than its current market value.
