DUBAI: Public Investment Fund, Saudi Arabia's sovereign wealth fund, has bought a minority stake in Tesla at just below 5 percent, a source familiar with the matter said on Tuesday.
PIF did not immediately respond to a Reuters query for comment, while Tesla declined to comment.
The source declined to be identified because the stake purchase is not public.
Am considering taking Tesla private at $420. Funding secured.— Elon Musk (@elonmusk) August 7, 2018
PIF, one the world's biggest sovereign wealth funds with $250 billion in assets, also has a stake in Uber as it has identified technology as a key area for investment.
BREAKING: Tesla shares soar to session high; FT reports Saudi Arabia's sovereign wealth fund has built a $2B stake in the company https://t.co/YF8L52YKhp pic.twitter.com/6RdxL4VqNe— CNBC Now (@CNBCnow) August 7, 2018
The Financial Times reported the stake purchase earlier.