SoftBank CEO sticks with Saudi Arabia despite journalist killing
Masayoshi Son, the founder and chief executive officer of Japan’s SoftBank, said Monday that he is not turning his back on his investments with Saudi Arabia, despite the murder of Washington Post contributor Jamal Khashoggi.
"These funds are important to the Saudi people in ensuring their economy diversifies and is no longer dependent on oil," Son said during the company's earnings call on Monday.
However, the billionaire did denounce Khashoggi’s murder, calling it a “horrible act” and an attack on a “precious life but also journalism and the freedom of speech.”
But he reiterated that “we cannot just turn our backs on our work.”
SoftBank, which has big stakes in top U.S. companies, including Sprint and Uber, partnered with Saudi Arabian Crown Prince Mohammed bin Salman in 2016 through the bank's Vision Fund. More than half of its $100 billion fund came from Saudi Arabia to invest in a number of startups and companies such as WeWork and Slack.
“It is true that a horrible incident happened," he noted. "On the other hand, we have a responsibility towards the Saudi people, and we must carry out our responsibility rather than turn our backs on them."
Son has been under pressure to split from his Saudi investments since the 59-year-old columnist was killed at the Saudi consulate in Turkey on Oct. 2. Other major banks and foreign companies have also been grappling about what to do with their Saudi investments as well.
Earlier this month, Larry Fink, CEO of BlackRock, said while he chose not to travel to Saudi Arabia’s international investment conference, he has no intention of cutting ties completely with the country.
“Keep in mind, it is a big country. There are many fine people in the country, like there are many fine people in every country,” Fink told Andrew Ross Sorkin at the New York Times’ DealBook conference.
“These things are not black and white and they’re very complex,” he added.