Just last month, it was rumored that Saudi Arabia’s Public Investment Fund (PIF) would be increasing its stake in Nintendo. On the contrary, the PIF actually wound up reducing its shares, going from owning 8.58% of the Big N to 7.54%. In a new report from The Edge Malaysia, it turns out that the PIF has further decreased its shares, now holding roughly 6.3% of the company. This news comes from a public filing to Japan’s Finance Ministry, which reported the difference alongside a further drop in stock value for Nintendo.
Despite the further reduction in Nintendo shares, Saudi Arabia’s PIF still remains one of Nintendo’s biggest shareholders, though that might be changing soon. It doesn’t seem as if anyone knows why the PIF has been pulling back from Nintendo, but it could be due to its value declining on the Japanese stock market. With no news of the Switch successor and Nintendo’s projections for the remainder of 2024 having been cut, this could be a way to limit the losses that the PIF might face this holiday season.
As we reported last time, the Saudi government has been making efforts to create an esports gaming empire by acquiring stakes in Japanese and South Korean gaming companies. The goal is to have a centralized gaming hub in the Middle East that will eventually help push the region away from its dependency on exporting oil as a means to propel the economy. Potentially, the selling of Nintendo shares could be a short-term plan to recover capital.
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Written by Peter Glagowski
Peter has been a freelance gaming and film critic for over seven years. His passion for Nintendo is only matched by the size of his collection.
