The new investments also come as Saudi Arabia purchased more stock from Facebook’s parent company Meta, PayPal, and Electronic Arts, according to securities filings.
Investments in more American companies come as Saudi Arabia has increased its profits from oil, as prices at the pump have increased worldwide as the world shuns Russian oil in light of the country’s invasion of Ukraine.
The Saudi Public Investment Fund made the additional stock purchases as uncertainty is prevailing with a recession and continuing inflation. The Public Investment Fund also funds the controversial LIV Golf tour, which is aiming to unseat the PGA tour as the top golf tour.
The Public Investment Fund previously invested billions of dollars in stocks when the stock market tanked during the beginning of the coronavirus pandemic in 2020, selling several stocks when markets improved.