Saudi Arabia's Wealth Fund Has Raised Nintendo Stake to 6%

Saudi Arabia's Public Investment Fund (PIF), a sovereign wealth fund chaired by crown prince Mohammed bin Salman, has increased its stake in Nintendo.

PIF already had a 5.01% stake in the Japanese company which it acquired last year becoming its fifth-largest shareholder. At the time, the fund said that it acquired this stake "for investment purposes".

As reported by Reuters, in an ownership report filed with Japanese regulators showed on Thursday, PIF revealed that it increased its stake in Nintendo to 6.07%.

In the last three years, the fund has invested a significant amount in various video game companies and e-sports firms. In February 2021, it invested over $3 billion in major companies such as Activision Blizzard, Electronic Arts, and Take-Two.

In June 2022, PIF purchased a $1 billion stake in Embracer Group – investment equates to approximately 8.1% of the company's shares. It also holds more than a 5% stake in shares of Capcom and Nexon.

Don't forget to join our 80 Level Talent platform, our Reddit page, and our Telegram channel, follow us on Instagram and Twitter, where we share breakdowns, the latest news, awesome artworks, and more.