Summary: Saudi Arabia, via its Public Investment Fund, heavily backed a Japanese AI entrepreneur’s Vision Fund that recently made huge losses, raising questions about where this investment is headed. Login or Register To Unlock The Content!This content is locked
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MBS is not the only investor to express buyer’s regret. If one considers MBZ as the embodiment of the state, then one can compre his investment to other investments made by state entities in several countries. The earliest investment that I remember being identified as a white elephant was the Pan American highway for instance. A total waste according to observers at the time. However, what your description suggests is that this investment was whimsically decided and has no domestic stakeholders.
Michela Wong’s book “in the footsteps of Mr. Kurts” she described the ways Mobutu used to waste money to appease his supporters. It included lavish parties where champagne was flown into palatial locations in the jungle.
At least Mobutu made a lot of people happy in those parties…