The Clap
The Saudi Public Investment Fund (PIF) has bought minority stakes in a string of major US companies.
These companies include Alphabet, Zoom, and JP Morgan.
The PIF’s purchases raise the market value of its portfolio to about $40.8 billion, as of the end of Q2-2022.
The Deets
The PIF acquired large numbers of shares in several companies, most notably:
-213,000 Class A shares of Alphabet.
-4.7 million Class A shares of Zoom
-1.8 million shares of Microsoft
-3.9 million shares of JP Morgan
-6.3 million shares of Starbucks
This is in addition to shares of other companies, according to the US Securities and Exchange Commission (SEC).
Why this Matters
The PIF manages assets worth around $620 million and follows a twofold strategy, where the fund builds its portfolio with international investments as well as local investment in projects that would reduce KSA’s dependence on fuel.
Saudi Investment Fund buys stakes in major companies 💰
