President-elect Donald Trump will join SoftBank Group CEO Masayoshi Son at his Florida home on Monday to announce that the company is planning to invest $100 billion in U.S. projects over the next four years.
That's according to a person familiar with the plans who spoke on condition of anonymity before the planned announcement. Trump is set to speak at his Mar-a-Lago resort at 11 a.m., marking the first time he will address reporters since he won the election last month.
Trump in the past has announced deals with much fanfare but they have sometimes failed to deliver on promised investments.
But the announcement nonetheless is a win for Trump, who has used the weeks since he won the election to try to promote his policies, negotiate with foreign leaders and try to strike deals.
Before even taking office, he has been threatening to levy steep tariffs on Mexico and Canada, which prompted a visit from Canada’s prime minister and a call with Mexico's president.
In a post on his Truth Social site Tuesday, Trump said anyone making a $1 billion investment in the United States “will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals.”
“GET READY TO ROCK!!!” he added.
Japanese technology group SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.
The company's investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia. The announcement will come days after Trump vowed to expedite federal permits for energy projects and other construction worth more than $1 billion.
After Trump won the White House the first time in 2016, he met with Son before taking office. Son then announced plans to create 50,000 jobs and invest $50 billion in U.S. startups, which Trump celebrated on social media, saying it never would have happened if he hadn't won the election.
Monday's announcement was first reported by The Wall Street Journal.
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Colvin reported from New York
