The Public Investment Fund, Saudi Arabia's official investment vehicle, disclosed it owns 43.5 million Carnival shares, the equivalent of an 8.2% stake in the cruise line operator. It makes the Saudi government the third largest shareholder. Because the sovereign wealth fund share purchase increased its stake above a 5% threshold, it was required to disclose the holding.
Carnival was also bolstered by the news that even though it's burning through about $1 billion a month, it has plenty of money to survive its cruise ships being idled in port, even under a worst-case scenario.
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