August 7, 2018 / 4:43 PM / 8 days ago

Saudi sovereign fund builds 3 to 5 percent stake in Tesla: FT

(Reuters) - Saudi Arabia’s sovereign wealth fund, overseen by Crown Prince Mohammed bin Salman, has built a significant stake in Tesla Inc, the Financial Times reported on Tuesday, citing people with direct knowledge of the matter.

FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake/File Photo

Saudi's Public Investment Fund built the undisclosed stake of between 3 and 5 percent of the electric car maker's shares this year, according to the report. (on.ft.com/2vq9b39)

Tesla’s shares were up nearly 5 percent at $357.91 in afternoon trading.

PIF did not immediately respond to a request for comment, while Tesla declined to comment.

Reporting by Sonam Rai in Bengaluru; Editing by Shounak Dasgupta

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