Apple has announced plans to invest $1 billion in a new SoftBank technology fund, the Wall Street Journal reports. The SoftBank Vision Fund, announced last October, is hoping to raise $100 billion to finance development of new technologies. An Apple spokesperson said “We believe their new fund will speed the development of technologies which may be strategically important to Apple,” noting that Apple has already been working with SoftBank for many years. SoftBank itself is investing $25 billion into the fund, while Saudi Arabia’s government is investing $45 billion. Other potential investors include the sovereign-wealth fund of Abu Dhabi, the Qatar Investment Authority and Qualcomm.
Apple to invest $1 billion in SoftBank Vision Fund
Jesse Hollington was a Senior Editor at iLounge. He's written about Apple technology for nearly a decade and had been covering the industry since the early days of iLounge. In his role at iLounge, he provided daily news coverage, wrote and edited features and reviews, and was responsible for the overall quality of the site's content.