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

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By Reuters
Saudi sovereign fund builds 3 to 5 percent stake in Tesla - FT
FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake   -   Copyright  Mike Blake(Reuters)

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

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.

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)