Title: Public Investment Fund - Wikipedia
Headings: Public Investment Fund
Public Investment Fund
Contents
Role
History
PIF post-CEDA
Investment projects
First Commercial Helicopter Company
See also
References
External links

Content: PIF will inject initial capital in order to raise funds for investments by international actors in the tourism and hospitality sectors. On 7 August 2018, Elon Musk announced that he was considering taking automotive and energy company Tesla private and that funding was "secured." In a follow-up blog post six days later, Musk said the Saudi Arabian sovereign wealth fund had met with him several times since early 2017 to express interest in such a move "because of the important need to diversify away from oil." As of that post, the fund held almost 5% of Tesla stock, purchased through public markets. On 29 January 2019, Saudi Arabia has announced setting up a closed joint-stock company named NEOM with $500 billion. The aim of this company that wholly owned by the PIF, the sovereign wealth fund, is to develop the economic zone of Neom. In March 2019, it was revealed that PIF paid a New York communications firm, Karv Communications, $120,000-a-month in order to repair the Saudis diplomatic damaged reputation after the Assassination of Jamal Khashoggi. On 27 April 2020, PIF purchased a 5.7% stake (valued at $500 million) in concert distributor Live Nation. On 16 May 2020, the Public Investment Fund, has purchased minority stakes in major U.S. companies including Boeing, Facebook and Citigroup, according to a U.S. regulatory filing. PIF disclosed a $713.7 million stake in Boeing, around $522 million in Citigroup, a $522 million stake in Facebook, a $495.8 million stake in Disney and a $487.6 million stake in Bank of America.