ECONOMY

Saudi sovereign wealth fund acquires significant stake in Tesla shares

Tesla shares later jumped further after a tweet from Musk's verified Twitter account, which mentioned taking the company private. (Tesla)

Saudi Arabia's sovereign wealth fund has acquired a significant position in Tesla shares, according to the Financial Times.

The media outlet said the Saudi's Public Investment Fund bought a 3 percent to 5 percent stake in the electric car maker, according to people with direct knowledge of the matter.

The stake is worth $1.9 billion to $3.2 billion at the company's current share price.

Reuters later confirmed the Saudi fund bought a stake "at just below 5 percent" of the company, according to a source familiar with the matter.

Tesla shares later jumped further after a tweet from Musk's verified Twitter account, which mentioned taking the company private.
 

(With Agencies)

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Last Update: Wednesday, 8 August 2018 KSA 11:01 - GMT 08:01
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