Saudi investment fund boosts technology portfolio

The Saudi Public Investment Fund has reportedly invested $2 billion this year in US electric car maker Tesla, as part of a long-term effort to increase its involvement in new technologies.

The Financial Times first reported on August 7 that the PIF now controls 3–5% of the company’s shares. This puts the stake below the 5% level that requires public disclosure of the operation. The PIF’s shares in Tesla would be valued between $1.7 billion and $2.9 billion.

The move follows other investments