Rumors had been swirling that Saudi Arabia was looking to increase its investment in Nintendo, but as it so happens the exact opposite happened. Saudi Arabia’s Public Investment Fund (PIF) has decreased its ownership stake in the company, according to a report by CNBC. The stake has been reduced from 8.58 percent to 7.54 percent.

The reason for the initial speculation that there would be an increase is because of an interview by Kyodo News with Prince Faisal bin Bandar bin Sultan al-Saud, who is the vice chairman of Savvy Games Group (owned by the PIF). During the interview, he was asked about Saudi Arabia increasing its holdings in video games firms, to which Prince Faisai replied it’s “always a possibility.” This got the rumor mill churning, as a result, but ultimately all that conjecture amounted to so much hot air.

Source: CNBC

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