Saudi Arabia’s sovereign wealth fund has invested more than $3 billion in shares of video-game companies, according to 13F filings made with the United States Securities and Exchange Commission.
What Happened: The Public Investment Fund, during the fourth quarter, purchased 14.9 million shares of Activision Blizzard, Inc ATVI.
The fund also stocked up on 7.4 million Electronic Arts Inc EA shares and 3.9 million shares of Take-Two Interactive Software, Inc TTWO.
At the end of the year, the Activision shares were worth nearly $1.4 billion. The Electronic Arts and Take-Two shares were worth $1.1 billion and $826 million respectively.
See Also: 4 Take-Two Analysts On Q3 Results, Long-Term Story, Strength In 'Grand Theft Auto V,' 'NBA 2K'
Why It Matters: PIF is controlled by the Kingdom’s Crown Prince Mohammed bin Salman who told Bloomberg in 2016 that he was part of a generation that grew up playing video games.
The investment fund is reportedly a part of the prince’s plan to move Saudi away from its reliance on oil.
The PIF said in January that it has plans to grow its assets under management to $1.07 trillion by the end of 2025 and contribute $320 billion to Saudi Arabia’s non-oil GDP.
The fund’s other investments have included Uber Technologies Inc UBER, which faced boycott calls in 2019 after the murder of the journalist Jamal Khashoggi in the Saudi consulate in Istanbul.
Price Action: On Tuesday, Activision shares closed 0.82% lower at $102.96. Electronic Arts shares ended the day 1.33% lower at $145.78, and Take-Two shares closed 2.04% lower at $195.79.
Read Next: Stock Wars: Activision Blizzard Vs. Electronic Arts Vs. Take-Two
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