When Saudi Arabia’s Crown Prince Mohammed bin Salman toured the U.S. two years ago, he couldn’t even get an audience with Tesla Inc. Chief Executive Elon Musk, people familiar with the outreach said. Now, the royal is in talks to take the electric-car maker private.
The shift shows how quickly Crown Prince Mohammed and his sovereign-wealth fund have become a pivotal global investor. The Public Investment Fund’s moves have also brought an element of unpredictability to a $225 billion fund, mirroring the headlong leadership...