Saudi Arabia’s sovereign wealth fund has reportedly invested heavily in Tesla, sending shares of the electric automaker higher during Tuesday’s trading session.

According to a report by The Financial Times, which cited people with direct knowledge of the matter, the fund – overseen by Saudi crown prince Mohammed bin Salman – has built up a 3% to 5% stake in Tesla. That amounts to $1.7 billion to $2.9 billion at Tesla’s current share price.

Riyadh is said to have acquired the stake with the help of JPMorgan, sometime after the crown prince visited the United States in March, according to the FT.

Shares got an additional boost on Tuesday after Tesla CEO Elon Musk said he was considering taking the company private.

The company did not immediately return FOX Business’ request for comment.

Saudi Arabia’s Public Investment Fund (PIF) is a centerpiece of its initiative to modernize the kingdom’s economy. The comprehensive plan, known as Vision 2030, was laid out in April by the country’s leaders and involves transferring 5% of state-owned Saudi Aramco to the investment fund through an initial public offering, expected to be the largest in history.

The Aramco IPO could attract a $2 trillion valuation. The kingdom is expecting to raise $100 billion to invest in companies around the world. The IPO, originally planned for 2018, has been delayed until at least next year.

The idea is that revenue generated from these investments can be used to sustain its budget even when oil prices, or supply, are low.

The PIF invested $3.5 billion in ride-sharing company Uber last year, while Saudi investment in U.S. bonds reached a one-year high of $114.4 billion at the end of March, up noticeably from a low in September of $89.4 billion.