> Saudi has been investing heavily in the US stock market. At somepoint they were holding TSLA as well, despite relying on oil for their living.

Is garden variety hedging and diversification really all that noteworthy?

Indeed. Any large holding company is going to hold some, even a lot, of US stocks and assets -- theres be where the big money is. Same holds true for the Norwegian Sovereign Wealth Fund, or the Ontario Teacher's Union Pension Plan (two other large state-related investors)