Saudi sovereign fund PIF buys stake in Tesla

The fund has bought a minority stake in Tesla at just below 5 per cent

tesla

Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has bought a minority stake in Tesla at just below 5 per cent, a source familiar with the matter said on Tuesday.

PIF did not immediately respond to a Reuters query for comment, while Tesla declined to comment.

The source declined to be identified because the stake purchase is not public.

PIF, one the world’s biggest sovereign wealth funds with $250bn in assets, also has a stake in Uber as it has identified technology as a key area for investment.

The Financial Times reported the stake purchase earlier.