Elliott Management's Push for $15 Billion in SoftBank Buybacks Boosts Shares by 6.3%

• On Wednesday, SoftBank Group shares experienced a 6.3% increase in value after a Financial Times report revealed that Elliott Management had rebuilt a substantial stake and was advocating for $15 billion in share buybacks.
• On Wednesday, SoftBank shares reached a high of 9,572 Japanese yen, a 6.32% increase from their Tuesday closing price of 9,003 yen, as reported by LSEG.
• According to Financial Times sources, Elliott believes that the buyback would increase the share price and demonstrate Son's confidence in his strategy.

On Wednesday, shares of the Japanese technology conglomerate rose by as much as 6.3%, following a report that Elliott Management had rebuilt a significant stake in the company and was advocating for stock repurchases.

The Financial Times reported that Elliott is advocating for $15 billion in share buybacks, stating that the move will increase SoftBank's share price and demonstrate Son's confidence in his strategy.

On Wednesday, SoftBank shares reached a high of 9,572 yen, a 6.32% increase from the previous day's closing price, according to LSEG data. The shares ended the day 4.6% higher at 9,420 yen.

According to the report, Elliott's stake was valued at more than $2 billion and the U.S. fund manager had been communicating with SoftBank's top executives in the past two to three months.

Masayoshi Son founded SoftBank and has been investing in the artificial intelligence segment since the company declared it was going into "offense mode" after accumulating a large cash pile of over $35 billion during its "defense mode."

Last year, Arm went public and is now planning to launch AI chips by 2025, which SoftBank is betting heavily on.

Elliott was again targeting SoftBank, with a focus on the significant difference between the company's total asset value and its market valuation, as reported.

In 2020, Elliott invested $2.5 billion in SoftBank and sought share buybacks worth $20 billion along with governance changes, according to Financial Times.

Neither Elliott Management nor SoftBank Group responded to CNBC's request for comment.

Read the full report on Financial Times.