Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), disclosed a 5.7% stake in Live Nation Entertainment Inc. on Monday, sending the concert promoter's shares about 10% higher.

The ownership of 12.34 million shares, worth about $518 million based on the company’s current stock price, makes the investment fund the third-largest stakeholder in the American events company, which is parent to Ticketmaster. company, according to Refinitiv data.

The purchase follows numerous reports of the Saudi wealth fund buying stakes in companies whose stock prices have been obliterated by the COVID-19 pandemic, CNBC said.

PIF, which manages over $300 billion in assets, disclosed an 8.2% stake in coronavirus-hit Carnival Corp. earlier in April.

Live Nation — the world’s largest concert and events promoter — is seeing revenues vanish as the coronavirus pandemic hammers the events industry and the global economy, CNBC said.

Live Nation’s stock price (LYV) closed at $42.01 on Monday, up 9.86%.

The company, whose shares are down 44% so far this year, warned of a hit to its business earlier in April as a result of postponement or cancellation of shows due to the coronavirus pandemic.

The company is currently implementing hiring freezes and furloughs, and has implemented 50% pay cuts for top executives, with its CEO Michael Rapino nixing his full salary.

Liberty Media Corp. is the largest shareholder in Live Nation, with a 25.05% stake, followed by Vanguard, which has a 7.09% stake according to Refinitiv data.