SoftBank Group Corp. will lend its employees up to $20 billion to enable them to buy stakes in its second vision fund, according to Business Insider. One of the employees that will receive a loan will be CEO Masayoshi Son, who could receive over half of the $20 billion.
The Wall Street Journal reports that this move is meant to make employees feel more responsible for the fund, as funds can be harmed by a manage leaving or a “reckless deal.”
The loans will be paid back with an interest rate of around 5%.
SoftBank is gathering investments from banks like Goldman Sachs Group Inc., Britain’s Standard Chartered PLC, and Japan’s Mitsubishi UFJ Financial Group Inc. The government of Kazakhstan is also an investor and plans to give about $3 billion.
SoftBank hopes to make over $30 billion in investments.
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