Tesla Climbs to Session High; FT Reports Saudi Fund Has Stake

(Bloomberg) -- Saudi’s Public Investment Fund (PIF) built the undisclosed stake of between 3-5% of Tesla’s shares this year, FT reports, citing unidentified people with direct knowledge of the matter.

• Tesla climbs to session high, gains as much as 3.8%
• PIF initially approached co. and CEO Elon Musk to express interest in new co. shares
  • Co. did not act on the interest, according to one unidentified person
• Saudi state fund acquired the position in secondary markets with JPMorgan help
• Exact timing of purchase not known; believed to have taken place after the crown prince’s tour of the US in March
• Musk, Tesla are aware of the PIF shareholding, one of the people said
• Stake makes PIF one of Tesla’s eight biggest shareholders
• Tesla, JPMorgan declined to comment to FT
• PIF could not be reached for comment by FT

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