Tesla shares jump on report Saudi Arabia sovereign wealth fund has $2 billion stake

Finance


VCG/VCG | Getty Images

A Tesla Model 3 car is on display during the Auto China 2018 at China International Exhibition Center on April 25, 2018 in Beijing, China.

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

The media outlet said the Saudi’s Public Investment Fund bought a three percent to five percent stake in the electric carmaker, according to people with direct knowledge of the matter.

The Saudi fund approached CEO Elon Musk about buying newly issued shares, the report said, but Tesla declined. Instead the Public Investment Fund bought the shares in secondary markets.

Telsa shares rose 4.6 percent Tuesday after the report.

The company declined to comment.

See here for the full FT report.

This is a developing story. Check back for updates.



Source link

Products You May Like

Articles You May Like

Air Force rocket awards ‘wrongly’ gave billions to Blue Origin, ULA, Northrop Grumman
Nike says it is changing contracts to support athletes in pregnancy
Lumentum says it’s halting all Huawei shipments; cuts its quarterly forecast
These are the 10 most affordable vacations in the US
Vans owner VF Corp quarterly revenue beats estimates

Leave a Reply

Your email address will not be published. Required fields are marked *