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Saudi Arabia's Investment Fund Adds Disney and Facebook to Holdings
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Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has acquired stakes in The Walt Disney Co., Facebook, Starbucks and other large U.S.
public companies in the past few months. The fund disclosed the stakes in a regulatory filing Friday afternoon. The PIF bought more than 5 million shares in Disney, which it valued at just under $500 million, and more than 3 million shares in Facebook for $520 million.
The new acquisitions, which were bought on the public market, follow investments in two other companies hit hard by the novel coronavirus pandemic: Live Nation and Carnival Cruises.
The stakes in Disney and Facebook are small (just a fraction of one percent of each company's equity) but underscore the fund's desire to expand.
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