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SoftBank's lagging AI push draws Elliott's demand for buyback

TOKYO/LONDON --U.S. activist hedge fund Elliott Management is pressuring SoftBank Group to reward shareholders now that the Japanese investment powerhouse has shored up its finances, according to sources familiar with the matter.

Elliott has built up a stake worth more than $2 billion and is pushing the company to conduct a $15 billion stock buyback, according to sources. Based on SoftBank Group's market capitalization of roughly 14 trillion yen ($89.6 billion) at the end of Wednesday's trading, Elliott's share would hover around 2%.