3,000 Down, 47,000 More To Go: SoftBank Making Good On Promise To Create American Jobs

Promise To Provide Jobs

Son so far is making good on his pledge and announced a $1.2 billion investment in OneWeb, a satellite startup that is building a communications network with a constellation of Low Earth Orbit satellites that will provide connectivity to billions of people around the world.

SoftBank's investment will finance a new facility in Florida that will churn out 15 satellite a week. Moreover, the investment will create almost 3,000 new engineering, manufacturing and support jobs over the next four years.

OneWeb said in a statement that it will now be able to produce a satellite at a fraction of the cost versus every other satellite manufacturer across the world. Perhaps more importantly, the SoftBank-led investment marks the early stages of the company's goals of offering affordable high-speed internet services for everyone, including every unconnected school in the world by 2022.

Commentary

"SoftBank has a long history of investing in disruptive, foundational technologies that promise to help us realize the future sooner. OneWeb is a tremendously exciting company poised to transform internet access around the world from their manufacturing facility in Florida," said Son. "Earlier this month I met with President-Elect Trump and shared my commitment to investing and creating jobs in the U.S. This is the first step in that commitment. America has always been at the forefront of innovation and technological development and we are thrilled to be playing a part in continuing to drive that growth as we work to create a truly globally connected ecosystem."

Greg Wyler, founder of OneWeb, said, "I have long admired Mr. Son's track record and his vision for the future of a technologically-powered world. I am honored to welcome SoftBank as a long-term investor and strategic partner. SoftBank's investment underscores the evolution and continued success of our company and accelerates our strategic growth plan. We look forward to working together as we execute on our mission to build a global knowledge infrastructure that provides affordable broadband to the over four billion people across the globe without internet access."