Saudi Arabia plowed billions into US stocks including Boeing, Disney, and Facebook last quarter
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The $300 billion Public Investment Fund revealed stakes valued at over $500 million in Boeing, Cisco, Disney, Facebook, and other US companies. The kingdom's Public Investment Fund grew its US stock portfolio from about $2.2 billion at the end of December to $9.8 billion at the end of March, The $300 billion fund, which aims to diversify Saudi Arabia's economy away from oil, likely capitalized on the coronavirus sell-off to purchase the stocks at bargain prices. However, its aggressive spending is surprising as depressed oil prices have hammered the kingdom's finances in recent months.
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