- SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) bought ¥141.4 billion ($1.1 billion) worth of shares in March, versus ¥46.2 billion of shares in February, more than tripling the size of its share buybacks.
- The buyback, coupled with a 7.6% jump in Alibaba Group Holding Ltd's (NYSE:BABA) shares, helped SoftBank cap a monthly stock-price gain of 8.5%, a record since February 2021, Bloomberg reports.
- SoftBank suffered a meltdown due to the double whammy of Chinese technology shares selloff led by Alibaba thanks to its regulatory crackdown and climbing U.S. interest rates.
- Also Read: JPMorgan Downgrades Alibaba and Other China Tech Stocks Following Selloff; Calls It "Uninvestable" For Next 6-12 Months
- In November, Masayoshi Son expressed a desire to buy back up to 250 million shares, or 14.6%, for ¥1 trillion to appease shareholders.
- SoftBank repurchased ¥344.6 billion as of March since his announcement.
- Price Action: BABA shares traded lower by 0.95% at $106.66 in the premarket on the last check Thursday.
