Saudi state-backed investment fund now owns 6 percent of Nintendo

Saudi Arabia's state-backed Public Investment Fund (PIF) has upped its stake in Nintendo to 6 percent.

That's according to a filing spotted by Reuters, which shows PIF now owns a 6.07 percent stake in the Japanese console maker.

PIF is chaired by Saudi crown prince and deputy prime minister, Mohammed bin Salman Al-Saud, who has been linked with the assassination of The Washington Post journalist Jamal Khashoggi and accused of torturing human rights activists.

The investment fund previously purchased a 5.01 percent stake in Nintendo in May 2022 to become the company's fifth-largest shareholder.

At the time, Nintendo said it only learned about that investment from news reports but added that it wouldn't be commenting on individual shareholders.

PIF has made significant inroads into the video game industry over the past two years with a string of investments, sinking cash into other major Japanese companies such as Capcom and Nexon and grabbing $3 billion worth of stock in Activision Blizzard, EA, and Take-Two Interactive back in February 2021.