Saudi Arabia’s sovereign wealth fund saw the value of its US equity holdings tumble by $3.47 billion in the fourth quarter, hit by steep declines in electric-vehicle maker Lucid Group and ride-hailing giant Uber Technologies.
The Public Investment Fund’s portfolio of five publicly traded US stocks fell to $12.95 billion from $16.42 billion in the third quarter, according to its 13F filing with the Securities and Exchange Commission. The holdings include Uber, Lucid, Electronic Arts, Claritev Corp., and Allurion Technologies.
The PIF’s portfolio had six US stocks at the end of third quarter. In December, it transferred its stake in Take-Two Interactive valued at about $2.95 billion to subsidiary Savvy Games Group. Including that, PIF’s US holdings was at $19.37 billion at the end of third quarter.
Unlike the previous quarter, when PIF sold down positions in Pinterest and Air Products along with call options on Amazon.com and Apple, the fund made no equity disposals in the fourth quarter beyond the internal transfer.
The market-driven losses underscore the challenges facing PIF’s bet on Lucid, in which the Saudi fund remains the largest shareholder after pumping billions into the struggling EV startup. Uber shares also retreated from their 2024 highs as concerns over autonomous vehicle competition and slowing ride-share growth weighed on the stock.
The filing comes as PIF pursues one of its largest US deals: a $55 billion takeover of videogame publisher Electronic Arts alongside Silver Lake Management and Affinity Partners. The consortium offered $210 per share for the company, which closed near $200 on Tuesday. The transaction is expected to close in the first quarter of 2027.
📌 Why it matters: The decline underscores the volatility in PIF’s US tech and EV bets, even as the fund strategically consolidates gaming assets under Savvy Games Group. It highlights the risk-reward balance in pursuing high-growth, high-profile investments.
📌 Bottom line: Despite the quarterly slump, PIF remains a major U.S. investor and key player in the gaming and tech sectors, with its pending $55 billion Electronic Arts deal poised to further expand its influence in the global videogame market.
*Data for the period ending December 31, 2025 from 13F filings with SEC.
