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Apple confirmed it’s putting $1 billion into the SoftBank fund that Donald Trump loves

The fund has pledged to invest $50 billion in U.S. tech companies.

Trump Holds Summit With Technology Industry Leaders Drew Angerer / Getty

Apple is indeed investing some of its cash in a SoftBank fund that has won praise from President-elect Donald Trump for promising to put $50 billion into U.S. tech companies.

“Apple is planning to invest $1 billion in SoftBank’s Vision Fund,” Apple said in a statement on Wednesday. “We've worked closely with SoftBank for many years and we believe their new fund will speed the development of technologies which may be strategically important to Apple.”

As we wrote when the deal was rumored last month, the move could help the company get some goodwill from Trump, who has criticized the company for its privacy stance and called on the company to start making iPhones in the U.S., something that is unlikely to happen.

Update, 12:03 p.m. PT: Apple isn’t the only one joining the fund. SoftBank says that Foxconn, Qualcomm and the family of Oracle founder Larry Ellison also intent to invest.


This article originally appeared on Recode.net.

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