Saudi Arabia’s sovereign-wealth fund disclosed an 8.2% stake in Carnival, the world’s largest cruise operator
Carnival Corp. shares rose 20% after Saudi Arabia’s sovereign-wealth fund disclosed an 8.2% stake in the world’s largest cruise operator on Monday.
The Public Investment Fund’s purchase of 43.51 million shares came as the coronavirus pandemic has put the company’s sailings to a halt. The fund has invested in Uber Technologies Inc., Tesla Inc., Penske Media Corp. and Lucid Motors Inc., according to FactSet. Based on Carnival’s closing price on Friday of $8.49, the Saudi stake is valued at $369.4 million.
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