Saudi Wealth Fund Bets on E-Commerce and Clean Energy Companies
- Public Investment Fund discloses Pinterest and Shopify stakes
- Investment fund also added PayPal and Plug Power positions
Lucid Air electric vehicle
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Saudi Arabia’s sovereign wealth fund waded deeper into the U.S. stock market, adding stakes in e-commerce, Chinese, and clean energy and transportation companies.
The Public Investment Fund made 19 new investments in U.S.-traded companies during the third quarter, according to a regulatory filing on Monday with the Securities and Exchange Commission. These positions, combined with the market value of existing stakes, more than doubled the fund’s holdings to $43.4 billion.