August 7, 2018 / 5:27 PM / a month ago

Saudi sovereign fund PIF has bought a below 5 percent stake in Tesla: source

DUBAI (Reuters) - Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has bought a minority stake in Tesla (TSLA.O) at just below 5 percent, a source familiar with the matter said on Tuesday.

FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake/File Photo

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.

PIF, one the world’s biggest sovereign wealth funds with $250 billion in assets, also has a stake in Uber [UBER.UL] as it has identified technology as a key area for investment.

The Financial Times reported the stake purchase earlier.

Reporting by Hadeel Al Sayegh, additional reporting by Tom Arnold; Writing by Saeed Azhar; editing by David Evans

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