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Softbank Soars 17% After Masayoshi Son's Biggest Ever Buyback

Masayoshi Son
Masayoshi SonPhotographer: Kiyoshi Ota/Bloomberg
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SoftBank Group Corp. shares jumped the most in a decade on plans to repurchase as much as 600 billion yen ($5.5 billion) of stock, a shift in strategy for founder Masayoshi Son who has long favored spending his capital on tech investments.

Son unveiled SoftBank’s biggest-ever buyback as he tries to close the gap between what he thinks the company is worth and its market value. It will be funded with proceeds from the 2.4 trillion yen initial public offering of the company’s telecommunications unit in December. The stock jumped 18 percent, the most since November of 2008, and reaching the daily limit to close at 9,962 yen.