SoftBank has announced a $4.8 billion buyback plan, news that brings joy to Elliott Management.

According to a report, SoftBank can purchase additional shares at the completion of the merger between T-Mobile (NYSE: TMUS) and Sprint Corporation (NYSE: S). The total buyback represents about 7% of SoftBank’s outstanding stock. The buyback program will operate from March 16 through March 15, 2021. Shares were off despite the news as part of a broader market decline.

Elliott released a statement saying that the buyback plan was an “important first step in addressing the company’s undervaluation.”

Still, the hedge fund is pushing for the Japanese conglomerate to establish a special investment committee to evaluate its strategy in the Vision Fund. That fund is the largest investor in technology startups in the world.

Is SoftBank Undervalued?

The firm’s founder Masayoshi Son has said that the stock remains undervalued. Some analysts believe it is potentially worth double its current price. However, SoftBank has been under pressure in recent months due to its struggling investments in WeWork and Oyo Hotels. On Thursday, the firm’s five-year senior credit default swaps popped to their highest levels since 2016.

“Elliott trusts that SoftBank’s leadership will continue to build upon today’s progress and its demonstrated commitment to value creation,” Elliott said.

SoftBank has also struggled to gain commitments to its Vision II fund.

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