SoftBank Group Corp. shares climbed to a new 20-year high as investors rally behind founder Masayoshi Son's more cautious strategy of selling assets, paring debt and buying back shares.
The Tokyo-based company’s stock gained more than 3% to ¥7,244, the highest level since March of 2000 in the midst of the dot-com boom. The stock had already hit several two-decade highs in the second half of this year after a record plunge in March with the coronavirus pandemic.
Long known for his extravagant spending on acquisitions and investments, Son reversed course this year after the COVID-19 outbreak and management missteps. He unveiled plans to sell ¥4.5 trillion ($43 billion) in assets and buy back a record ¥2.5 trillion of his own stock. Shares are up more than 160% from their March low.