Saudi Arabia’s Public Investment Fund , the oil-rich country’s sovereign wealth fund, has sold its entire stake in Live Nation, according to anIn April 2020, the $925-billion PIF acquired approximately 12.5 million shares that amounted to a 5.7% stake in Live Nation, making it the fourth-largest shareholder behind Liberty Media, The Vanguard Group and BlackRock.
Live Nation turned out to be a good investment for PIF. The company’s stock closed at $38 the day before PIF disclosed its investment, down from approximately $75 two months earlier. Worries about the pandemic had already affected stocks before Live Nationon March 12, 2020, but the company’s share price steadily increased from there, reaching $75 before the end of 2020 and closing above $100 in October 2021.
The SEC filing did not specify when PIF sold its shares, but Wednesday’s closing price of $127.02 would have represented a gain of approximately 213% over the four and a half years since it purchased them.
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