CNBC (via GamesIndustry.biz) notes that the investment group Savvy Games, founded by Saudi Arabia’s Public Investment Fund (PIF), has cut its stake in Nintendo from 8.58% to 7.54%, which still makes it one of Nintendo’s largest shareholders.
This move follows widespread reports that Savvy Games was considering increasing its stake in Nintendo, based on an interview that was later clarified.
Initially, Kyodo News quoted Prince Faisal bin Bandar bin Sultan Al-Saud, the group’s vice chair, as saying the company was interested in further investing in Nintendo.
However, the site later corrected inaccuracies in the quotes, attributing Savvy Games’ interest not to Nintendo specifically but to “Japanese gaming companies” in general.
The fund acquired a 5.01% stake in Nintendo in May 2022, which had grown to 8.58% by mid-2024.
Nintendo previously stated that when the PIF purchased its initial stake in the company, it was unaware of the transaction and first learned about the Saudi investment from news reports.
The PIF, which has made several investments in the video game industry in recent years, is reportedly central to Crown Prince Mohammed bin Salman’s goal of making the Saudi economy less reliant on oil revenues.
In December 2020, the fund acquired over $3 billion worth of stocks in Call of Duty maker Activision Blizzard, FIFA publisher Electronic Arts, and Rockstar’s parent company Take-Two.
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