has reportedly taken out an insurance policy on its investment in , which dramatically cuts its net exposure to the stock, just months after CEO claimed the kingdom was prepared to back a deal to take the electric car maker private.

Musk with the Securities and Exchange Commission in September over the claim, agreeing to step down as Tesla‘s chairman, pay a $20 million fine and appoint new board members.

In recent weeks, Saudi Arabia‘s Public Investment Fund has hedged nearly its entire 4.9 percent stake in Tesla, the Financial Times reports. That means the PIF still holds the shares, but it has taken out other positions that protect it from a drop in Tesla‘s stock price.

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