#SaudiArabia's PIF says U.S. stocks value falls nearly $6 billion in fourth quarter | Reuters

Saudi Arabia's PIF says U.S. stocks value falls nearly $6 billion in fourth quarter | Reuters

Saudi Arabia's sovereign Public Investment Fund held $30.9 billion worth of U.S. stocks at the end of 2022, down from $36.8 billion at the end of September, dragged down by a $6.8 billion decrease in value of electric carmaker Lucid (LCID.O), it said in a regulatory filing.

PIF, which already owned more than 60% of Lucid, bought more than 93.75 million shares in the carmaker in the third quarter, according to Reuters calculations based on the U.S. filing.

That was equivalent to roughly 5.6% of Lucid shares, according to calculations based on Refinitiv data.

PIF's stake in Lucid, despite increasing, nearly halved in value to $7.57 billion at the end of December from $14.18 billion three months earlier, the filing showed.

Shares of Lucid, which plans to build its first overseas factory in Saudi Arabia, were down 51% in the fourth quarter.