Saudi Arabia has just become the largest outside shareholder of Nintendo
Saudi Arabia’s Public Investment Fund now owns 8.3 percent of Nintendo, making it the largest outside shareholder of the company.
This all started in May 2021 when the PIF obtained 5.01 percent in stock. However, that amount has been increasing quickly throughout 2023. The PIF raised its stake to 6.07 percent in January, and then 7.08 percent just yesterday.
This is something to keep an eye on, but for the moment doesn’t mean much. Nintendo still has full autonomy in terms of how its business is run. Any person or company can purchase stock in Nintendo, so there’s not much that can be done in any case.
According to the filing, Saudi Arabia purchased its stock for investment purposes. Bloomberg notes that the country previous created the Savvy Games Group “with a $38 billion budget and longtime industry veterans in charge.” Savvy invested $260 million in a Tencent Holdings Ltd.-backed competitive gaming organizer this week.
Bloomberg asked Nintendo for a comment, but the company declined to provide a statement. Saudi Arabia’s Public Investment Fund has also not responded.
