Tesla shares jump on report Saudi Arabia sovereign wealth fund has $2 billion stake

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A Tesla Model 3 car is on display during the Auto China 2018 at China International Exhibition Center on April 25, 2018 in Beijing, China.

Saudi Arabia’s sovereign wealth fund has acquired a significant position in Tesla shares, according to a Financial Times report.

The media outlet said the Saudi’s Public Investment Fund bought a three percent to five percent stake in the electric carmaker, according to people with direct knowledge of the matter.

The stake is worth between $1.8 billion and $3.1 billion at the company’s current share price.

The Saudi fund approached CEO Elon Musk about buying newly issued shares, the report said, but Tesla declined. Instead the Public Investment Fund bought the shares in secondary markets.

Telsa shares rose 4.7 percent Tuesday after the report.

The company declined to comment.

See here for the full FT report.

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