Saudi Arabia’s PIF sells stakes in US groups ahead of Crown Prince’s White House visit

Defence affairs ~ Ahmed Al Omran in Jeddah

Saudi Arabia’s sovereign wealth fund has exited its holdings in nine US-listed companies in the third quarter, according to filings released just days before Crown Prince Mohammed bin Salman visits the White House.

The Public Investment Fund sold its shares in companies including Visa and Pinterest, as it cut its exposure to US-listed stocks by 18 per cent compared with the second quarter.

The near-$1tn fund maintained holdings worth $19.4bn in six US-listed groups, including Uber and Take-Two Interactive, according to US Securities and Exchange Commission filings. Its holdings in US equities were worth as much as $56bn in the final quarter of 2021.

The near-$1tn fund maintained holdings worth $19.4bn in six US-listed groups, including Uber and Take-Two Interactive, according to US Securities and Exchange Commission filings. Its holdings in US equities were worth as much as $56bn in the final quarter of 2021.

The PIF has also maintained its holding in Electronic Arts but this stake will cease to count towards its US-listed holdings after the completion of its $55bn take-private deal for the video game maker, the biggest leveraged buyout of all time.

The PIF is leading a consortium that involves private equity group Silver Lake Capital and Jared Kushner, son-in-law of US President Donald Trump. The PIF will become Electronic Arts’ majority owner as it has signed the largest equity cheque.

The deal was the latest in a spree of gaming deals by PIF inspired by Prince Mohammed’s interest in video games.