Saudi sovereign fund builds 3 to 5 percent stake in Tesla: FT

MAGNiTT News reuters.com - 2 years ago - Wed, Aug 8, 2018, 2:10 PM

Saudi sovereign fund builds 3 to 5 percent stake in Tesla: FT
Author: MAGNiTT

By Reuters Staff / Reuters 

 

SOURCE: Reuters - Saudi sovereign fund builds 3 to 5 percent stake in Tesla: FT


(Reuters) - Saudi Arabia’s sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built a significant stake in Tesla Inc, the Financial Times reported on Tuesday, citing people with direct knowledge of the matter. 

Saudi's Public Investment Fund built the undisclosed stake of between 3 and 5 percent of the electric car maker's shares this year, according to the report. 

Tesla’s shares were up nearly 5 percent at $357.91 in afternoon trading. 

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

 

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