Saudi Arabia’s sovereign wealth fund (PIF) recently acquired a 5.01% stake in Nintendo for about $3 billion, which would make it Nintendo’s “fifth-largest shareholder.”
According to Bloomberg, the news was announced by Nintendo in a filing with the Japanese Ministry of Finance. Last year, the foundation made similar investments in Capcom, EA, Take-Two and Activision, while also holding a 96% stake in SNK.
Saudi Arabia’s sovereign wealth fund (PIF), chaired by Crown Prince Mohammed bin Salman, has a $500 billion investment fund that has been building up its holdings in video game makers and eSports over the past two years.
Shares began acquiring about 37.9 million shares of Activision Blizzard in late 2020. The fund was set up to transform the Saudi economy with the goal of running out of oil in the future.