The money would come from a $100 billion fund being raised by SoftBank and Saudi Arabia.
After meeting with Donald Trump, SoftBank CEO Masayoshi Son announced plans to invest $50 billion in U.S. startups, aiming to create 50,000 jobs. The money will come out of a previously planned $100 billion fund SoftBank is setting up with Saudi Arabia and other investors. No word on whether SoftBank-owned Sprint will try again for regulatory approval of a T-Mobile merger under the new administration. — [Ryan Knutson / Wall Street Journal]
Trump has invited tech industry leaders to a “roundtable” in New York on Dec. 14. Cisco CEO Chuck Robbins and Oracle co-CEO Safra Catz are planning to attend; no other names have emerged yet. The invitation was co-signed by billionaire investor Peter Thiel (whose role on the Trump transition team has raised some conflict-of-interest questions). — [David Streitfield / New York Times]
The CEOs of AT&T and Time Warner will make their case for approval of their $85 billion merger at a Senate Judiciary subcommittee hearing at 10 am ET today (livestream here). Trump opposed the deal while campaigning, but his transition team choices have signaled more flexibility. — [John D. McKinnon / Wall Street Journal]
Jack Dorsey is CEO of both Twitter and Square, and, as he told the Code Commerce audience Tuesday, he has no plans to give up either job. Dorsey also announced the integration of Apple Pay with Square’s virtual payments card and said his feelings about Donald Trump’s use of Twitter are “complicated.” — [Kurt Wagner / Recode]
Also onstage at Code Commerce: Apple Pay chief Jennifer Bailey said Apple is still thinking about digitally replacing all the various cards in your wallet; actress-turned-commerce-executive Kate Hudson said she expects her TechStyle Fashion Group to go public; and Wish CEO Peter Szulczewski explained why his e-commerce company has raised $1 billion in two years. — [Recode]
The U.S. Supreme Court tossed out a $399 million award that Apple won against Samsung in a design patent infringement case, taking issue with the way damages are calculated in such cases. The case was returned to a lower court. — [Ina Fried / Recode]
Apple says Apple Music now has 20 million subscribers. Add that to Spotify’s 40 million paying customers and you’re looking at a $7 billion-a-year business in streaming music. — [Peter Kafka / Recode]
Top Stories From Recode
Time Warner CEO Jeff Bewkes: Democrats, not Donald Trump, are the real ‘threat to the First Amendment’
Someone tell John Oliver.
The longtime journalist might mean a more news-focused site.
COO Anthony Noto is the last man standing.
This Is Cool
Here’s the trailer for the movie adaptation of Dave Eggers’ best-selling 2013 novel. “Knowing is good, but knowing everything is better.”