SoftBank plans to sell $41 bln of assets

SoftBank is taking bold action in an attempt to restore investor confidence.

The tech conglomerate plans to raise as much as $41 billion to buy back shares and reduce debt.

The unprecedented move comes as a coronavirus market rout pummels its shares and its portfolio companies.

SoftBank is contending with a growing financial squeeze on the company and its $100 billion Vision Fund, which has recorded two consecutive quarters of losses.

Its shares jumped 19% for their biggest daily gain in nearly 12 years after Monday's (March 23) announcement

The buyback tops the $20 billion of purchases sought by activist investor Elliott Management, which has put pressure on SoftBank to improve shareholder returns

The asset sale will be executed over the next four quarters.