Japanese news site The Nikkei is reporting that Nintendo shares have now hit a record high thanks in part to speculation that oil money is set to buy more Japanese video game stock via Saudi Arabia’s sovereign wealth fund, Public Investment Fund. The PIF is currently snapping up both Japanese video game development studios and anime studios. The Public Investment Fund already owns 8.58% of Nintendo shares and clearly wants more.
Shares of Nintendo temporarily hit 7,902 — up 5% from the previous day. The company’s market capitalization topped 10 trillion yen ($69 billion) for the first time since November 2007.
The Nikkei
Here is for more great games and hardware!
Nope, dont like the idea of Saudi Arabia, or any other country, owning Nintendo.
100% agree
An 8.58% stake would have to go up a whole lot for Saudi Arabia to “own” Nintendo.
Saudi Arabia is a VERY rich country, I dont want them to buy more of Nintendo.
I don’t particularly care for it either, but I don’t know why people are going out of their way to constantly post concerns, and some even boycott Nintendo over it. Nintendo has no control over who buys their stocks, Saudi Arabia isn’t going to change what they buy no matter who may gripe about it in social media, and they are shareholders in many different things. What are people hoping to accomplish?
The share price rise is also in part to the speculation that Nintendo will be announcing a Switch successor shortly. We’ve seen the market react negatively afterwards in the past when Nintendo don’t match consumers hopes and expectations.