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
©2018 Bloomberg L.P.