Saudi Arabia’s PIF increased stake in Alphabet and Meta

The Public Investment Fund of Saudi Arabia has increased its investments in Alphabet, Google’s parent company, and Meta, the parent company of Facebook and Instagram.

According to a filing with the US Securities and Exchange Commission, PIF increased its stake in Meta by 11% to over 3.26 million shares, valued at approximately $443 million. It also increased its Alphabet investment to over 4.26 million shares in the three months ending September 2022. Its position is worth more than $407 million. It had 213,000 shares in Google’s parent company in the previous quarter. The sovereign wealth fund manages assets worth more than $620 billion.