Saudi Arabia’s Public Investment Fund (PIF) has increased its stake in tech giants Meta and Alphabet as it looks to expand with diverse global portfolio.
The Saudi sovereign wealth fund has taken on more shares in the Facebook and Google parent companies according to the latest 13F filings.
The 13F filings, a quarterly report required to be submitted to the United States Securities and Exchange Comission by institutional investors, showed that PIF increased its stake in Meta to 3.26m shares.
Saudi expands tech ownership
It is an almost eight-fold increase on the 418,000 Class A shares it held at the end of the first quarter as PIF looks to increase holdings in assets around the world.
The filing also showed PIF is dramatically increasing its share in Alphabet, owner of Google, with the wealth fund now controlling 4.26m shares. This is 20 times as many shares as the 213,000 it held at the start of the year.
Outside of domestic interests in Saudi Arabia PIF has a diverse portfolio of investments.
It maintains a stake in Starbucks, Microsoft, Live Nation, PayPal, Home Depot, Walmart, Visa, Adobe and many more of the world’s most successful companies.
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