Saudi wealth fund slashes U.S. tech holdings in Q2, exits Meta, PayPal, Alibaba

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* Saudi Arabia's nearly $1 trillion sovereign wealth fund significantly cut its exposure to U.S.-listed companies in the second quarter, according to securities filings released Thursday.
* The Public Investment Fund (PIF) exited positions in major firms including Meta (NASDAQ:META [https://seekingalpha.com/symbol/META]), Shopify (SHOP [https://seekingalpha.com/symbol/SHOP]), and PayPal (NASDAQ:PYPL [https://seekingalpha.com/symbol/PYPL]), as well as Alibaba Group (NYSE:BABA [https://seekingalpha.com/symbol/BABA]), Nu Holdings (NU [https://seekingalpha.com/symbol/NU]), and FedEx (FDX [https://seekingalpha.com/symbol/FDX]).
* The filings showed that PIF no longer held any shares in Meta, Shopify, PayPal, Alibaba, Nu Holdings, and FedEx.
* Meta, the company behind Facebook and Instagram, rose about 28% during the quarter and was among the PIF’s biggest exits.
* PIF's total exposure to U.S. stocks, which include call options that give the state investor a right to buy an underlying asset at a specified price within a specific time period, was valued at $23.8 billion at the end of the second quarter, versus $25.5 billion at the end of the first quarter.

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