Saudi Arabia Becomes Largest Outside Shareholder of Nintendo

Saudi Arabia's Public Investment Fund became the largest outside shareholder of Nintendo on Friday, in the latest move by the Gulf state to lower its reliance on oil. From a report: The sovereign wealth fund now owns 8.3% of the Kyoto-based games company, according to a filing, building up a position that stood just above 6% at the start of the year. That puts PIF ahead of Japan's Government Pension Investment Fund and behind only Nintendo's own holding, according to data compiled by Bloomberg.