The 2020 pandemic hit many companies hard, while other companies took it as a chance to grow, seemingly unaffected by the state of the world around them. NVIDIA (NASDAQ:NVDA) came out as one of those thriving businesses and achieved gains of 122% in 2020. The company’s graphics processing units (GPUs) were present and needed for trends that accelerated exponentially due to the pandemic, boost...
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has purchased minority stakes in major U.S. 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 milllion 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 Depstory Receipts (ADRs) listed in the United States.
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< l, 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.