Prime Highlights:
- Saudi Arabia’s Public Investment Fund (PIF) currently holds Uber Technologies Inc. as its most valuable U.S. equity holding, overtaking Lucid Motors.
- The switch follows Uber’s 38% jump in stocks, while the valuation of Lucid imploded in Q1 2025.
Key Facts:
- PIF holds a 72.84 million share stake in Uber valued at $5.31 billion currently.
- Lucid holdings are still at 1.77 billion shares but valued at $4.29 billion currently.
Key Background:
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has reorganized its U.S. equities portfolio and Uber Technologies Inc. is its biggest U.S.-listed holding by market capitalization. The PIF now possesses 72.84 million Uber shares valued at $5.31 billion as of Q1 2025, driven by a remarkable 38% gain in Uber’s shares over the past 12 months.
Compare that with the worth of PIF’s investment in Lucid Group Inc. — then its biggest U.S. holding — falling to $4.29 billion, though the fund still owns 1.77 billion shares in the electric vehicle maker. The fall in the value of Lucid comes after recent headaches in the EV space, particularly among rivals, increasing expenses, and lagging below-target deliveries.
PIF’s U.S. portfolio stock overall fell to $25.55 billion as of March’s end from $26.77 billion last quarter. But the fall is largely a function of changes in valuation and not of significant reshuffling of the assets. The fund held almost all its traditional holdings, a sign of long-term investing and not trading.
Apart from equity stakes, PIF even holds call options in leading U.S. tech companies such as Amazon, Microsoft, Alphabet, Meta Platforms, and Adobe. That diversification, too, indicates PIF’s wider investment objectives under Saudi Arabia’s Vision 2030—which was initiated with the aim of de-risking from oil and increasing investments in innovation and technology.
Uber’s ascension as PIF’s flagship American investment is a reflection of market sentiment but also a reflection of the confidence of the fund in mobility platforms and the global trend towards digital infrastructure. This rebalancing helps Saudi Arabia in endeavors towards increasing its global economic influence with strategic and visionary investments.
