Saudi Arabia’s Public Investment Fund Sold Its Entire Live Nation Stake

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.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wentworth Denies Rumor That Saudi Arabia's Public Investment Fund Is Trying to Buy ItIn an interview, Wentworth's board did its best to put to rest the rumors of Saudi PIF interest.
Source: SInow - 🏆 273. / 63 Read more »

Saudi PIF's $925 billion global vision: Inside the kingdom's strategic investmentSaudi Arabia’s gross domestic product exceeded $1 trillion for the first time; it was the fastest-growing G20 economy in 2022.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Silicon Valley's General Catalyst makes first investment into Saudi Arabia through fintech Lean TechnologiesSaudi Arabia’s fintech startups have raised over $1.84 billion in venture capital investments since 2018, according to the kingdom’s SME authority.
Source: nbcsandiego - 🏆 524. / 51 Read more »

Fendi Casa Opens First Saudi Arabia Flagship Amid Foreign Investment Boom; Peers Mull Further PotentialAs Fendi Casa opens first Riyadh flagship, the Saudi Arabian economy is primed for growth as foreign direct investments rocket.
Source: wwd - 🏆 24. / 68 Read more »

Dolly Parton’s Dollywood Foundation Makes $4.5 Million Investment in Nashville Public Library Early Literacy ProgramDolly Parton's Dollywood Foundation is teaming with the Nashville Public Library to help kickstart an early reading program for children.
Source: billboard - 🏆 112. / 63 Read more »

Public funding for nature conservation stalls at COP16, eyes on private investmentPublic funding for nature conservation stalls at COP16, eyes on private investment
Source: Investingcom - 🏆 450. / 53 Read more »