Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has bought minority stakes in a string of top American companies including Alphabet Inc., JPMorgan Chase & Co., American Tower Corporation, Amazon.com, Inc., and Zoom Video Communications, according to a regulatory filing.
The PIF disclosed stakes worth $464 million in Alphabet, the parent company of Google, $433.6 million in JPMorgan Chase, and $507 million in Zoom among others, the U.S. Securities and Exchange Commission (SEC) filing on Monday showed.
The state fund, which is building an international portfolio of investments while also investing locally in projects that will help reduce Saudi Arabia’s reliance on oil, has assets under management of approximately $620 billion.
The PIF also bought shares worth $493 million in PayPal Holdings, Inc., raising its stake to 7.1 million shares from 910,929.
In addition, the Fund’s Meta Platforms shareholding was raised to 2.9 million shares from around 418,000 shares by buying shares worth $474 million.
Moreover, the PIF acquired shares worth $1.94 billion in Electronic Arts, raising its stake to over 16 million shares.
Furthermore, investments included $17.4 billion worth of shares in Lucid Group Inc. taking its total shareholding to over 1 billion shares.