Economic news

SoftBank refuses to invest $100 million in iPhone rival

SoftBank Group Corp. refused to invest $100 million in the company Essential, developer of a smartphone based on Android, The Wall Street Journal reports with reference to its own sources.

Essential is headed by the creator of the Android operating system Andy Rubin. In January, a number of media reported that his company intends to create a smartphone that could compete in the market with the Apple's iPhone.

The reason of SoftBank's refusal to invest in Essential is a $100 billion investment fund Vision Fund, created recently by the Japanese company. The fact is that in January, Apple agreed to commit $1 billion to the fund, that put an end to the negotiations between SoftBank and Essential.

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree