Tesla jumps on report that Saudi Arabia has amassed a $2 billion stake in the company

Tech1 min read

Markets Insider

• Shares of Tesla climbed as much as 5% Tuesday after the Financial Times reported Saudi Arabia's sovereign wealth fund had amassed a $2 billion stake in the company.
• The new stake amounts to between 3% and 5% of Tesla's total stock, the British newspaper reported, citing people "with direct knowledge of the matter." At current prices, the stake is likely worth $1.7 billion to $2.9 billion.
• Saudi Arabia's Public Investment Fund has more than $250 billion in assets amassed over decades of oil exports. The timing of the investment was not clear, but the FT said it likely happened during the Crown Prince Mohammed bin Salman's tour of the US in March.
• A Tesla spokesperson declined to comment on the report.
• Follow Tesla's stock price in real-time here.

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