Saudi Arabia's PIF discloses 8.2% stake in cruise operator Carnival - Reuters:
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), on Monday disclosed an 8.2% stake in coronavirus-hit Carnival Corp, sending the cruise operator’s shares nearly 30% higher.
The stake of about 43.5 million shares is worth $369.3 million as of Friday's close, making the investment fund the second-largest investor in the world's biggest cruise line, according to Refinitiv Eikon data. (bit.ly/3aJnpyS)
Carnival’s shares have lost more than three-quarters of their value so far this year due to the impact of the COVID-19 pandemic that has forced cruise ship companies to halt operations and suspend voyages.
PIF, which manages over $300 billion in assets, has stakes in Uber and electric car company Lucid Motors. It has also allocated $45 billion to Softbank’s $100 billion Vision Fund.
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