Saudi Arabia purchased 8,2% of Carnival Corporation

   April 7, 2020 ,   Cruise Industry

Shares of Carnival Corporation shot up over 20% on Monday, April 6, after it was revealed that the public investment fund of Saudi Arabia has taken ~8% stake in the world's largest cruise shipowner.

A stock filing issued by Carnival Corp showed The Public Investment Fund purchased a total of 43,508,895 shares of CCL (common stock) representing 8.2% (as of March 25). The Public Investment Fund is the Kingdom of Saudi Arabia's sovereign wealth fund.  

On Monday, Carnival’s stock closed up a little more than 20% at USD 10.21 following the announcement.

Although the cruise industry employs hundreds of thousands of people in the USA, relief for the cruise companies was not included in the historic USD 2.2 trillion Coronavirus bill because they are not registered in the USA and don't pay federal income taxes.