Saudi Arabia's sovereign wealth fund discloses stakes in Citigroup, Boeing, Facebook
Saudi Arabia`s sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in major US companies including Boeing, Facebook and Citigroup, according to a US regulatory filing.
Saudi Arabia`s sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in major US companies including Boeing, Facebook and Citigroup, according to a U.S. regulatory filing. PIF disclosed a $713.7 million stake in Boeing, around $522 million in Citigroup, a $522 million stake in Facebook, a $495.8 million stake in Disney and a $487.6 million stake in Bank of America, the Securities and Exchange filing on Friday showed. It also disclosed a small stake in Berkshire Hathaway.
PIF also disclosed an $827.7 million stake in oil company BP, which has American Depository Receipts (ADRs) listed in the United States.
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The $300 billion Saudi sovereign fund has been buying minority stakes in global companies, taking advantage of market weakness in the wake of the coronavirus outbreak.
PIF was not immediately available to comment.
Last month it disclosed an 8.2% stake in coronavirus-hit Carnival Corp, sending the cruise operator`s shares nearly 30% higher.
The Saudi fund earlier this year bought stakes in Royal Dutch Shell, Total, Eni and Equinor, a source familiar with the transactions told Reuters on April 9.
PIF already has stakes in Uber Technologies and electric car company Lucid Motors.
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