The Nintendo logo with the "O" replaced by the Saudi PIF's logo

Saudi PIF Becomes Nintendo's Largest Outside Shareholder

Written by

Published: February 17, 2023 8:19 AM

The Saudi Public Investment Fund (PIF) has become Nintendo's single largest outside shareholder after acquiring 8.26% of the Japanese gaming giant's stock. This marks the second increase in the PIF's shares after the fund boosted its stake to 7.08% earlier this week.

Per the Associated Press (which in turn cites a company filing), the Saudi PIF now holds 8.26% of Nintendo's shares, making it the single largest outside investor in the company. The PIF increased its stake in Nintendo to 7.08% earlier this week, so this is the second time in as many days that the PIF has increased its holding in Nintendo.

This is the latest in a string of investments the PIF has made in Nintendo. Back in May last year, the fund became Nintendo's fifth largest shareholder, buying up a 5% stake. Following this, the PIF boosted its stake (thanks, GamesIndustry.biz) to 6.07% last month. Will the fund be satisfied with its current 8.26% standing? Only time will tell.

Link soaring through the air on a glider in The Legend of Zelda: Tears of the Kingdom, a Nintendo game
Nintendo is currently gearing up to release the long-awaited The Legend of Zelda: Tears of the Kingdom.

Nintendo is far from the only company in which the Saudi PIF has invested recently. In late 2020, the fund bought a controlling stake in King of Fighters developer SNK, then followed this up with a rash of acquisitions. These included $3.3 billion of diversified gaming shares in early 2021, followed by stakes in Capcom and Nexon in early 2022 and a $1 billion investment in Embracer Group last June. Per Axios, the fund also increased its stakes in EA and Take-Two Interactive to 5.8% and 6.8% respectively late last year.

The PIF has attracted controversy due to its proximity to Saudi crown prince Mohammed bin Salman. Saudi Arabia is known for its poor human rights record, with lengthy prison sentences handed out for criticizing authority figures, as well as serious issues with regards to women's rights and the rights of LBGTQ+ and other minority groups. Watch this space for more information regarding the PIF and its various investments in the gaming world.

Joe Allen's profile picture
| Senior Writer

Joe has been writing for TechRaptor for several years, and in those years has learned a lot about the gaming industry and its foibles. He’s originally an… More about Joseph