TOKYO -- SoftBank Group's second-in-command said Wednesday he will spend roughly 60 billion yen ($478 million) out of pocket to buy his own company's stock.
The purchase by President Nikesh Arora translates to roughly 0.7% of SoftBank shares in circulation based on the current stock price. CEO Masayoshi Son lured Arora from Google last year and made him president this June. The large stock purchase signals Arora's intent to run the Japanese Internet and telecommunications company for the long term.
Arora, who currently owns no SoftBank stock, will buy shares over the next six months. He is seen becoming the largest individual investor in the company after Son.
"I have decided to take a personal bet on the SoftBank Group," Arora said in a statement. "However, I am extremely confident about the future of the SoftBank Group and the long-term objectives that we have set out."
The company said its other directors support Arora's stock purchase. Son also welcomed the move, saying, "I expect him to succeed me at the appropriate time."
After Arora moved to SoftBank, he spearheaded investments in overseas Internet companies, including providing around 70 billion yen to Indian e-commerce giant Snapdeal in November.