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Saudi Arabia’s Public Investment Fund Sold Its Entire Live Nation Stake
Saudi Arabia’s Public Investment Fund has sold its Live Nation shares, according to an SEC filing dated Thursday (Nov. 14).
In 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. The investment, made through open-market stock purchases, attracted attention partly because the country’s government was still being criticized for the murder of journalist Jamal Khanshoggi at the Saudi consulate in Istanbul in 2019. Worries about the pandemic had already affected stocks before Live Nation suspended its tours on 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.
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