Introduction 1-The Saudi sovereign wealth fund sells its stake in "TikTok Interactive"

Take-Two Interactive Software, Inc. -0.21%

Take-Two Interactive Software, Inc.

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February 17 (Reuters) - Saudi Arabia's Public Investment Fund (PIF), the kingdom's sovereign wealth fund, has divested its stake in Take-Two Interactive, the maker of Grand Theft Auto, according to a regulatory filing on Tuesday.

According to data from the London Stock Exchange Group, the Public Investment Fund was the second largest shareholder in TikTok Interactive with approximately 11 million shares worth slightly less than three billion dollars.

The move comes at a time when the Kingdom is intensifying its efforts in the video game sector, as it hosts numerous esports events in the country to solidify its position as a global hub for the industry.

Last year, the Public Investment Fund agreed to acquire Electronic Arts, a competitor to TikTok, in a deal worth $55 billion, as part of its investments in the gaming sector.


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