SoftBank's shares hit 20-year highs buoyed by buybacks

TOKYO (Reuters) – SoftBank Group Corp’s shares rose 3% on Tuesday to reach highs last seen during the dot-com bubble, as massive buybacks help shrink the group’s persistent discount.

Shares were priced at 6,100 yen in morning Tokyo trading, hitting levels last seen in early 2000, when speculation on internet stocks saw prices surge before crashing and wiping out most of SoftBank Chief Executive Masayoshi Son’s wealth.

The rebound comes after Son in March pledged to spend up to 2.5 trillion yen (23 billion) on buybacks, helping lift the stock 130% from March lows.

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