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SoftBank Agrees to Buy Back $4.8 Billion in Stock Amid Shareholder Pressure

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SoftBank Agrees to Buy Back $4.8 Billion in Stock Amid Shareholder Pressure

With SoftBank's (OTC: SFTBY) stock plunging amid COVID-19, and the company facing pressure from activist investment firm Elliott Management, SoftBank announced plans to buy back $4.8 billion in stock.

The Japanese technology giant said it is repurchasing a maximum of 7% of the shares outstanding. The repurchase program kicks off March 16th and runs through March 15th of 2021.

IMAGE SOURCE: GETTY IMAGES.

Source Fool.com

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