Gulf Countries

PIF abandons its stakes in Amazon and Microsoft

According to a report by the U.S Securities and Exchange Commission, the Public Investment Fund (PIF) no longer holds stakes in several technology companies such as Amazon, Microsoft, and Salesforce.

The report indicated that the PIF divested its entire holdings in American financial companies and travel sector companies, including shares in BlackRock and Carnival Corp.

The PIF reduced its direct holdings in U.S. stocks by 48.6% by the end of the first quarter of 2024, according to disclosures from the U.S. Securities and Exchange Commission.

The Saudi sovereign wealth fund’s holdings in U.S. stocks fell to around $18 billion by the end of March, compared to about $35 billion at the end of 2023.

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