Markets

PIF invests in delivery app DoorDash and drops Walmart

February 17, 2025, 5:05 PM

A DoorDash rider in Chelsea, New York City. PIF has bought nearly 490,000 shares in the delivery company

Fund doubles stake in Amazon
1.9m Walmart shares sold in Q4
Plans to reduce foreign investment

Saudi Arabia’s Public Investment Fund has sold its stake in US retailer Walmart and more than doubled its holdings in ecommerce giant Amazon, it has announced.

PIF also invested in food delivery business DoorDash in the three months to December 31, according to the sovereign wealth fund‘s latest filing to the US Securities and Exchange Commission.

Saudi Arabia has investments of more than $770 billion in the US, its finance minister said last month.

However, PIF is planning to reduce foreign investments to about a fifth of its total assets under management – which stand at more than $900 billion – as it focuses on domestic funding and artificial intelligence.

PIF had 1.9 million shares in Walmart in the third quarter but sold them all in Q4, according to the SEC filings.

It increased its stake in Amazon to about 800,000 shares, reversing its position from Q3 when it reduced its holding to 300,000 from 1.5 million.

As well as the fresh investment in DoorDash, PIF increased its holdings in Italian fashion firm Ermenegildo Zegna by 57 percent and in Brazilian digital bank Nu by 79 percent. It reduced its stake in Visa by 16 percent.

DoorDash posted a full-year profit of $141 million in 2024, compared with a loss of $154 million a year earlier. Its total orders increased by 19 percent.