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  • 12.07.16

The bulk of the money behind Trump’s tech deal comes from Saudi Arabia 

Yesterday, President-elect Donald Trump made headlines by touting SoftBank CEO Masayoshi Son’s pledge to invest $50 million in American startups. Son later told the Wall Street Journal that the money would come from a $100 million fund the bank launched with Saudi Arabia in October. That fund includes $25 billion pledged by SoftBank over five years and $45 billion from Saudi Arabia’s Public Investment Fund. As CNN notes, it’s just the latest tech investment by Saudi Arabia, which took a $3.5 billion stake in Uber last summer and put $500 million into noon.com, a Riyadh-based startup that aims to be the Amazon of the Middle East.MB