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Photo Illustration: Eniola Odetunde. Photo via Yoshikazu Tsuno/Getty Images

Japan's SoftBank Group on Monday reported $6.1 billion in third-quarter profit, with chairman Masayoshi Son telling analysts that "regardless of interest rates or regardless of who the president is, we want to continue to invest in the American market, and also in China."

Why it matters: This was a strong rebound for SoftBank, which had been bleeding red ink.

More from the analyst call:

  • Despite reports that SoftBank was the Nasdaq "whale," Son dismissed the characterization and pointed out that the call options represented only 1% of the company's holdings.
  • It had bought about $4 billion in options, and still holds about $16.8 billion in tech stocks like Amazon, Google, Facebook and Zoom.
  • SoftBank Vision Fund reported active investments in 83 companies, which cost $75 billion, were worth $76.4 billion at the end of September.
  • The second, smaller fund (which does not have outside limited partners) has cost $2.6 billion and a current fair value of $7.6 billion, in part thanks to KE Holding's IPO in August.

The bottom line: Son continued to make the case to investors on Monday that SoftBank has transitioned to being an investment company, even shooting down the prospect of making acquisitions

  • "99% I would say I don't have any intention to acquire 100% of a company right now," he said.

Go deeper

Dan Primack, author of Pro Rata
24 hours ago - Economy & Business

Airbnb seeking $2.6 billion in IPO

Illustration: Sarah Grillo/Axios

Hospitality giant Airbnb on Tuesday set terms for its upcoming IPO, saying it plans to raise up to $2.6 billion.

Big number: The company would have an initial market cap of $28 billion, or an enterprise value of around $32 billion, were it to price shares in the middle of its proposed price range of $44-$50 per share.

Go deeper: Airbnb files for long-awaited IPO

Dec 1, 2020 - Technology

Facebook, Google push deals despite antitrust scrutiny

Illustration: Eniola Odetunde/Axios

Facebook announced Monday that it has purchased a customer service chatbot startup called Kustomer. The app reportedly cost Facebook $1 billion, the same amount it paid for Instagram in 2012.

Why it matters: The deal is the latest sign that the world's biggest tech companies, despite facing enormous antitrust scrutiny globally, will not stop buying up other companies.
.

McConnell circulates revised GOP coronavirus stimulus plan

Senate Majority Leader Mitch McConnell talks with reporters today in the Mansfield Room at the U.S. Capitol. Photo: Chip Somodevilla/Getty Image

Senate Majority Leader Mitch McConnell circulated a new framework for coronavirus stimulus legislation to Republican members on Tuesday that would establish a fresh round of funding for the small-business Paycheck Protection Program and implement widespread liability protections, according to a copy of the draft proposal obtained by Axios.

Driving the news: The revised GOP relief plan comes after McConnell's meeting with House Majority Leader Kevin McCarthy, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows, during which they went over in detail what provisions would get backing from President Trump.

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