Saudi Arabia’s Sovereign Wealth Fund Trims Nintendo Stake Again

Bloomberg11-13

(Bloomberg) -- Saudi Arabia’s sovereign wealth fund further trimmed its stake in Nintendo Co., deepening a selloff that began in August.The Public Investment Fund cut its position in the the Kyoto-...

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That follows a sale of more than 17 million shares over a six-week period to October.Nintendo shares fell as much as 4% in Tokyo. While Kyodo News reported in September that the PIF was considering boosting its holding in the creator of Super Mario Bros., the sales since indicate otherwise. The Saudi fund, which manages about $930 billion in assets, remains one of Nintendo’s biggest shareholders, according to data compiled by Bloomberg. The Saudi government had been buying up stakes in Japanese and Korean gaming companies in a $38 billion push to become a video games hub in the Middle East. The kingdom hosted the first Esports World Cup in July and is set to hold the inaugural Olympic Esports Games next year. 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