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Has Saudi Arabia Amassed A $2 billion Stake In Tesla
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8 Aug 2018 06:18 AM EST

Shares of Tesla surged more than 3% Tuesday after the Financial Times reported Saudi Arabia's sovereign wealth fund had amassed a $2 billion stake in the auto manufacturing company. According to Business Insider, the stake is worth approximately $1.7 billion to $2.9 billion. Saudi Arabia's Public Investment Fund has more than $250 billion in assets that it has amassed over decades of oil exports. The timing of the investment was not clear, but sources say it likely happened during the Crown Prince Mohammed bin Salman's tour of the US in March.

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