Saudi sovereign fund seeks $10bn margin loan
Saudi Arabia's sovereign wealth fund plans to borrow about $10 billion by pledging some of its investment in SoftBank Group Corp's Vision Fund, Bloomberg News reported. The report comes a day after the $300 billion Public Investment Fund (PIF) disclosed its stakes in major US companies including Boeing, Facebook, and Citigroup. The wealth fund is in talks with investment banks regarding a margin loan backed by some of its investments in Vision Fund, the report said, citing sources. PIF's decision to pledge stake happens amid a time when SoftBank's finances are being squeezed after a disastrous bet on co-working firm WeWork and souring portfolio bets on startups.