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Business

SoftBank's Arora to buy 60bn yen in company stock

Nikesh Arora

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.

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