news/ATVI/2023.02.14/Saudi Arabia's PIF says U.S. stocks value falls nearly $6 billion in fourth quarter.txt

PIF, which already owned more than 60% of Lucid, bought more than 93.75 million shares in the carmaker in the third quarter, according to Reuters calculations based on the U.S. filing. That was equivalent to roughly 5.6% of Lucid shares, according to calculations based on Refinitiv data.PIF's stake in Lucid, despite increasing, nearly halved in value to $7.57 billion at the end of December from $14.18 billion three months earlier, the filing showed.Shares of Lucid, which plans to build its first overseas factory in Saudi Arabia, were down 51% in the fourth quarter.PIF, at the centre of Saudi Arabia's ambitious plans to diversify the economy away from oil, invested over $1 billion in Lucid in 2018.Building electric vehicles is part of the kingdom's push to create new industries and jobs.Last year Saudi Arabia signed a deal with Lucid to buy up to 100,000 of its cars over the following decade.PIF cut its holding in online luxury shopping retailer Farfetch shares by 36.5% and the value of its holding decreased by about $14.7 million in the fourth quarter, the filing showed.It also bought more than 39,000 additional shares in "Call of Duty" maker Activision Blizzard and the value of its stake rose nearly $86.7 million.The value of PIF's stake in Uber fell by nearly $129 million, the filing showed. (Reporting by Yousef Saba; Editing by Mike Harrison)By Yousef Saba