SoftBank Group Corp’s billionaire chairman and chief executive officer, Masayoshi Son, has raised his stake in the company to 34%, taking him closer to a buyout of the Japanese conglomerate, Bloomberg news reported on Thursday.

Son’s stake in SoftBank rose to 34.2% from 32.2% as of end-September, the report said, citing Bloomberg calculations that were confirmed by the company.

SoftBank did not immediately respond to a Reuters request for comment.

With the increase in stake, Son has also edged closer to a point where he could bid to take the company private. Son would take the company private if he could afford it, Bloomberg cited one person familiar with his thinking as saying.

Many lieutenants however oppose a buyout, the report said citing another person close to the situation, as it will consume the management’s attention and leave it short on cash to make acquisitions and investments.

SoftBank posts Q2 net profit after Alibaba share sales

Under Japanese law, Son gains additional rights after breaching one-third ownership, Bloomberg said.

Son wields more control over asset sales, some buybacks, deals and bylaws by having veto power over any special resolution put before shareholders by activist investors, the report added.