Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), sold its entire holdings in several key U.S. companies in the second quarter. According to recent filings, the PIF sold its stakes in e-commerce platforms Shopify (SHOP) and Alibaba (BABA), tech giant Meta (META), and logistics solutions provider FedEx (FDX).
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Other notable exits included the food delivery service DoorDash (DASH), fintech company PayPal (PYPL), and the internet services firm Sea (SE).
In addition to these full sales, the PIF sharply reduced its exposure to the logistics-focused real estate investment trust Prologis (PLD) by 99.8%. It also trimmed its position in the social media company Pinterest (PINS) by 94.9%.
Overall, the PIF’s total exposure to U.S. equities, including call options, decreased to $23.8 billion at the end of Q2 2025, compared to $25.5 billion at the end of Q1 2025.
Giga-Projects Face Write-Down
These changes align with Saudi Arabia’s Vision 2030 strategy, which aims to diversify the economy beyond oil. Key efforts under this strategy include building mega-projects like NEOM and Qiddiya, selling parts of government-owned businesses, and supporting women, young people, and small business owners.
However, the fund reported an $8 billion write-down in its “giga-projects,” including the NEOM development. Investments in these large-scale initiatives dropped 12.4% to $56.2 billion, now representing just 6% of PIF’s total assets, down from 8% a year earlier.