Elon Musk, the CEO and Co-founder of Tesla told investors this week that the Saudi sovereign fund has more than enough capital needed to finance Tesla’s privatisation.
The Public Investment Fund (PIF) has an estimated $250 billion in assets, with more than half of its wealth tied up in large Saudi companies whose stocks could be difficult to sell all together. reported Reuters.
The Kingdom’s sovereign wealth fund has made substantial commitments to other technology companies, including a $45 billion agreement to invest in a giant tech fund led by Japan's Softbank.
Additionally, the PIF has invested other tech companies, with a $3.5 billion stake in Uber, the $1 billion pumped into Virgin Group's space ventures as well as $20 billion committed towards infrastructure investment fund planned with Blackstone.
The Saudi Arabia’s PIF already holds about a five per cent stake in Tesla.