Softbank – The US ride-hailing pioneer recovered from stumbles after its initial public offering last year; and its shares have gained more than 70% this year. Softbank’s 13% stake is worth about $11 billion. SoftBank’s stock rose by 2.3% to 7,250 yen on Friday; the highest level since March of 2000 in the midst of the dot-com boom.

SoftBank founder Masayoshi Son responded by unveiling plans to sell $43 billion in assets; and buy back a record amount of his own stock. Shares are up more than 160% from their March low.

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“We see plenty of room for the shares to rise against a backdrop of aggressive share buybacks and efforts to improve financial health,” Citigroup analyst Mitsunobu Tsuruo wrote in a report.

The Japanese conglomerate reported a record profit in its Vision Fund business for the three months that ended Sept. 30, 2020 – a sign the fund’s investments in startups are paying off amid a broad rally in technology stocks. The bull market is also making it easier for SoftBank-backed startups to go public.

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