Last week, we reported that Embracer Group had received a $1 billion investment from Savvy Gaming Group, one of the wealth fund organizations founded by Saudi Arabia’s Crown Prince Mohammed bin Salman. This investment accounted for 8.1% of Embracer Group shares. The news of this investment worries shareholders, given Saudi Arabia’s human rights record.
Embracer CEO Lars Wingefors issued a statement on the rising voices on this issue, saying that “I understand people who have different views on this issue” and that they did not take the decision to accept this investment easily, but that it would not have any impact on the company’s working order.
“I want to make it clear that Embracer will continue to operate under me, our CEOs and our executive teams. Embracer is founded on the principles of freedom, inclusion, humanity and openness. Shopping with SGG will not change this in any way. Embracer is still managed by people within our group. Together we have the right to vote in the high majority of the company. SGG owns approximately 5 percent of the vote and 8 percent of the principal; They invested in Embracer because they support our vision, strategy and leadership,” says Wingefors.
Wingefors says the reasons for accepting investment from what he calls an “undemocratic country” are emotional reasons: money. A machine like the Embracer needs fuel to keep working, and that fuel is money.
Saying that there are few people in the world who can provide long-term hot money of this magnitude, Wingefors says that without money, our journey will slow down.
