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FinancialNews


  • 08-08-18

    Saudi Arabia's PIF acquires significant stake in Tesla: reports

    (MENAFN) Saudi Public Investment Fund (PIF) has reportedly purchased a major stake in top electric vehicle manufacturer Tesla.

    The Saudi Arabian sovereign wealth fund, according to Reuters citing a source, acquired a minority stake in the leading car maker at just below 5 percent.

    PIF bought 3-5 percent of stake in the company, at a value of USD1.9 billion-USD3.2 billion at the existing share price of the company, as reported the Financial Times.

    CEO Elon Musk also unveiled that he was mulling over taking Tesla private at a price of USD420 per share.

    MENAFN0808201800450000ID1097266518

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