From Lucid to Tesla, Saudi Wealth Fund Goes on Spending Spree - Bloomberg:
Saudi Arabia’s sovereign wealth fund is set to have its busiest year for deals since the world’s biggest crude exporter ago embarked on plans to future-proof itself against oil four years ago.
In recent months, the Public Investment Fund has agreed to invest more than $1 billion in electric car startup Lucid, built a roughly $2 billion stake in Elon Musk’s Tesla Inc. and is in talks to sell its stake in chemical producer Saudi Basic Industries Corp. that could bring in about $70 billion. It also raised an $11 billion loan this week.
The investments are part of plans -- unveiled after the collapse in crude prices in mid-2014 -- to turn the PIF into the world’s biggest sovereign fund with more than $2 trillion in assets by 2030. Those plans also included the initial public offering of oil giant Saudi Aramco to provide the PIF with funds for investments, which has since been put on ice.
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