The Saudi Arabian Public Investment Fund surprised everyone in 2022 by acquiring a 5.01% stake in Nintendo. Even Nintendo itself was caught off guard, only finding out about the purchase once it saw the news. Since then, the country has invested several times in the Japanese company, eventually owning 8.58% of its shares.
Fans of Super Mario Bros., The Legend of Zelda, and other franchises were concerned, as it wasn’t clear what impact Saudi Arabia’s investment in Nintendo would have.
However, something unexpected happened. In October of this year, the Public Investment Fund reduced its stake and kept only 7.54% of Nintendo shares. Without any explanation, Saudi Arabia recently reduced its holdings in the Japanese company once again, meaning it now holds even less influence.
Saudi Arabia Holds Even Fewer Nintendo Shares
Saudi Arabia has made it clear on several occasions that it has a great interest in video games, viewing them as a highly profitable business that could help boost its economy in the long term. For this reason, it has invested in major studios and esports-related projects.
Its investments in Nintendo shares were a clear statement of intent; however, it seems that its plans have shifted over the past few months. According to recent reports, the Public Investment Fund now holds even fewer Nintendo shares.
As mentioned, in October this year, it reduced its stake to 7.54%. It is known that Saudi Arabia sold more shares to bring its holdings down to only 6.3% of the company. It remains unclear if the country plans to sell the rest of its Nintendo shares in the coming months.
Prince Faisal bin Bandar bin Sultan Al-Saud previously highlighted the intention to make more local investments and to invest in other Japan-based studios. Saudi Arabia currently owns SNK and has invested in studios like Activision Blizzard, Electronic Arts, Take-Two, Capcom, and Embracer Group.
Why Did Saudi Arabia Sell Its Nintendo Shares?
So far, the Saudi Arabian Public Investment Fund has not detailed why it decided to reduce its stake in Nintendo, especially given its goal of having as much influence as possible in the gaming industry.
However, various external sources claimed that the country made millions in profit from the shares it sold in October. It is estimated that the move generated around $127 million. Despite these sales, Saudi Arabia remains one of Nintendo’s largest shareholders.
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