Saudi Arabia’s PIF boosts stakes in Meta and Alphabet

In a recent interview, Yasir Al-Rumayyan, Governor of the Public Investment Fund (PIF), said he has a solid plan to boost the sovereign wealth fund’s holdings to between $2 and $3 trillion by the end of this decade. Progressing towards that milestone as planned, PIF increased its shares in Meta and Alphabet in the third quarter of 2022.

The PIF disclosed it possessed around 3.26 million class A shares in Facebook’s parent company Meta, up from 418,000 class A shares at the end of the first quarter and 2.94 million at the end of June, according to its most recent 13F filing for the three months ended on September 30.

Additionally, according to the report, the PIF’s ownership stake in Alphabet, the company that owns Google, surged dramatically from 213,000 to 4.26 million capital stock class A shares at the end of the third quarter.

PIF sold over 8 million of its shares in Hyzon Motors, a US-based manufacturer of electric vehicles, according to the filing.

At the end of the third quarter, PIF retained its ownership in significant companies like Amazon, Alibaba, Microsoft, PayPal, FedEx, Home Depot, Salesforce, Visa, and Walmart unaltered.

With assets over $620 billion, the PIF is one of the biggest sovereign wealth funds in the world, according to information made public by the Sovereign Wealth Fund Institute. Fast Company Middle East