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.