Saudi Arabia’s $ 400 billion state wealth fund reveals $ 1 billion stake in video game inventories and nearly doubled its stake in U.S. stocks in Q4

Saudi Crown Prince Mohammed bin Salman.

  • Saudi Arabia’s sovereign wealth fund revealed billions of dollars worth of shares in video game stocks last quarter.
  • The state fund increased total investments in American shares to about 13 billion dollars, compared to 7 billion dollars.
  • The value of its largest U.S. stock holding company, Uber, rose 42% to $ 3.7 billion in the fourth quarter.
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Saudi Arabia’s sovereign wealth fund, which is among the largest in the world, first bought stakes in video game stocks in the fourth quarter, according to a recent report to the Securities and Exchange Commission.

The Royal Public Investment Fund bought 7.4 million shares, worth $ 1.06 billion, in Electronic Arts and 14 million shares, worth $ 1.4 billion, in Activision Blizzard, the filing showed.

The Wealth Fund increased total U.S. equity investments, including stakes in Uber, Carnival and Take-Two Interactive, to nearly $ 12.8 billion in the quarter, from $ 7 billion in the third quarter. It tossed some stock-traded funds and stocks last quarter, including Warren Buffett’s Berkshire Hathaway.

Its stake in Uber, its largest U.S. stock holding, rose to $ 3.7 billion in the fourth quarter, from $ 2.6 billion a quarter earlier, after the shares of the driving company rose nearly 40 percent from quarter. PIF was an early investor in Uber, announcing a $ 3.5 billion investment in the company three years before its stock market debut.

As part of its five-year strategy, the $ 400 billion wealth fund plans to increase its assets under management to over 4 trillion riyals ($ 1.07 trillion) by the end of 2025. Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, fired on the kingdom’s growth plan to cast an image of “dependence” on oil. Saudi Arabia is the world’s largest exporter of crude oil.

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