Saudi sovereign fund builds 3 to 5 percent stake in Tesla: FT

Saudi sovereign fund builds 3 to 5 percent stake in Tesla: FT

FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018.
REUTERS/Mike Blake/File Photo
REUTERS: Saudi Arabia's sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built a significant stake in Tesla Inc, the Financial Times reported on Tuesday, citing people with direct knowledge of the matter.Saudi's Public Investment Fund built the undisclosed stake of between 3 and 5 percent of the electric car maker's shares this year, according to the report. (https://on.ft.com/2vq9b39)
Tesla's shares were up nearly 5 percent at US$357.91 in afternoon trading.PIF did not immediately respond to a request for comment, while Tesla declined to comment.(Reporting by Sonam Rai in Bengaluru; Editing by Shounak Dasgupta)
Source: Reuters
 Source : https://www.channelnewsasia.com/news/business/saudi-sovereign-fund-builds-3-to-5-percent-stake-in-tesla--ft-10597808