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Saudi Sovereign Wealth Fund Buys Big Stake in Tesla
Saudi Arabia’s Public Investment Fund (PIF) has amassed a stake in Tesla Inc. worth as much as $2.9 billion, sources tell The Financial Times.
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Saudi Arabia’s Public Investment Fund (PIF) has amassed a stake in Tesla Inc. worth as much as $2.9 billion, sources tell The Financial Times.
The Saudi state fund now owns $3-5% of Tesla, making it one of the electric car maker’s eight largest investors, Bloomberg Research estimates. FT says PIF amassed its stake in secondary markets with the help of JPMorgan within the past several months.
PIF’s investment follows last year’s similar move by Chinese internet giant Tencent Holdings Ltd., which acquired 5% of Tesla in a stock purchase worth about $1.7 billion.
Two years ago PIF bought a $3.5 billion stake in San Francisco-based ride-hailing service Uber Technologies Inc. FT notes that PIF’s investments reflect a desire by Saudi Arabia to diversify its economy and lower its reliance on the petroleum market.
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