Public filings show the Saudi wealth fund is now the second largest institutional holder in Live Nation, with a stake worth some $1.4 billion. As Live Nation’s shares plummeted last year during COVID-19 lockdowns and the cancellation of thousands of shows, the Public Investment Fund bought $500 million worth of shares in the battered company.
In the time since, Saudi Arabia’s state-owned sovereign wealth fund - steered by Prince Mohammed - scooped up shares in Live Nation, the company that owns Ticketmaster and promotes concerts for Bieber and other major stars. “Nothing of significance happens in Saudi Arabia without his consent, and certainly not an event as important and flashy as this.”īieber’s concert in Saudi Arabia comes shortly before he opens a world tour in February that was rescheduled from 2020 due to the pandemic. “Please know that your invitation to participate in a concert in Jiddah comes directly from MBS, as the crown prince is known,” Cengiz wrote in her open letter to Bieber. intelligence assessmentmade public under President Joe Biden, however, determined the crown prince approved the operation. Prince Mohammed has maintained he had no prior knowledge of the operation that killed Khashoggi. The killing by agents who worked for the crown prince drew international gasps and cast a shadow over Prince Mohammed, whose reputation never fully recovered. She waited from him outside the consulate, but he never walked out. Khashoggi’s stunning killing in 2018was carried out by members of a team of 15 Saudi government agents who’d been sent to Istanbul, where the writer and former government spokesman had an appointment at the Saudi consulate for documents needed to marry Cengiz. Public pressure, however, prompted Nicki Minaj in 2019 to cancel her appearance on stage at a concert in Jiddah, telling The Associated Press at the time she wanted to show support for women’s rights, gay rights and freedom of expression. She brushed off calls to boycottthe show. Mariah Carey was the biggest-name performer to hit the stage in Saudi Arabia after Khashoggi’s killing by Saudi agents in Turkey in October 2018. It is not the first time a pop star has faced pressure to pull out of a concert in Saudi Arabia.