SoftBank kicks off $21 bln T-Mobile stake sale

21 billion dollars of T-Mobile US stock is up for grabs.

Japanese investor SoftBank is unloading two-thirds of its stake in the U.S. phone network.

That as it tries to raise 41 billion dollars for a share buyback and debt reduction plan.

The moves come after a number of its big tech bets went sour.

SoftBank has had to pour billions into struggling office sharing firm WeWork.

It also has a stake in German payments firm Wirecard, now mired in scandal over a 2 billion dollar hole in its accounts.

Now many of the T-Mobile shares divested will be acquired by T-Mobile itself.

It will then sell them on the open market and to private investors.

It’s the latest in a string of divestments that have delighted investors.

SoftBank shares have more than doubled since mid-March, despite the global stock turmoil.

But the dramatic moves have also raised concerns among credit rating agencies about the tech investor’s financial standing.