Saudi PIF buys nearly 5% stake in Tesla: report

Saudi Arabia's Public Investment Fund (PIF) has purchased a "minority" stake in Tesla at just below 5 percent, Reuters reported, citing a source familiar with the matter.

The Financial Times, however, said the state-owned sovereign wealth fund acquired an undisclosed stake of between 3 and 5 percent this year, worth $1.7 billion and $2.9 billion, making it into one of Tesla’s largest shareholders.

On Tuesday, Tesla CEO Elon Musk said in a series of tweets that he was "considering taking the company private."

"Am considering taking Tesla private at $420. Funding secured," Musk tweeted.

In another tweet, he said: "Shareholders could either to sell at $420 or hold shares & go private."

Am considering taking Tesla private at $420. Funding secured.

— Elon Musk (@elonmusk) August 7, 2018

Last December, PIF managing director Yasir Al-Rumayyan said the fund would invest around SAR 83 billion in 2018.

The fund has been investing billions of dollars in investments, including contributing to a fund with US private equity firm Blackstone and SoftBank’s Vision Fund. It is likely to potentially receive billions of dollars as part of plans by Saudi Aramco to acquire its stake in Saudi Basic Industries Corp (SABIC).

Saudi Arabia's Public Investment Fund (PIF) has purchased a "minority" stake in Tesla at just below 5 percent, Reuters reported, citing a source familiar with the matter.

The Financial Times, however, said the state-owned sovereign wealth fund acquired an undisclosed stake of between 3 and 5 percent this year, worth $1.7 billion and $2.9 billion, making it into one of Tesla’s largest shareholders.