Saudi Arabia’s Public Investment Fund (PIF) has divested its entire stake in concert promoter Live Nation, as revealed by a recent SEC filing.
In April 2020, amidst global market instability due to the COVID-19 pandemic, PIF acquired a 5.7% stake in Live Nation, becoming the fourth-largest shareholder. This move was significant as it occurred during a time when Saudi Arabia faced international scrutiny over the death of journalist Jamal Khashoggi.
During an online investment forum in April 2020, PIF manager H.E. Yasir Al-Rumayyan stated that the fund aimed to invest in sectors like travel, energy, and entertainment, which were heavily impacted by the pandemic. Besides Live Nation, PIF also invested in companies such as Carnival, Disney, and Boeing, which saw a strong recovery post-pandemic.
Live Nation’s stock proved to be a lucrative investment for PIF. Initially purchased at a time when the stock was valued at $38, the price surged to over $100 by October 2021. Although the exact timing of the sale is unclear, the recent closing price of $127.02 suggests a substantial gain of approximately 213% over the investment period.