Warren Buffett’s Berkshire Hathaway is selling a third of its stake in troubled media giant Paramount, according to a regulatory filing Wednesday. The stock plunged more than 7% in after-hours trading.
Berkshire Hathaway owns a 15% stake in Paramount and is exploring the possibility of selling it, and he is expected to relinquish his remaining position soon, people told the Post.
Berkshire also sold 10 million Apple shares in the fourth quarter, but still sold 905 million shares worth about $174 billion, in a regulatory filing outlining its holdings in U.S.-listed stocks at the end of 2023. He said he owns more than 10,000 shares.
Buffett has been a driving force behind Berkshire’s investment in Apple, but the sale of the iPhone maker’s stake is due to Todd Combs and Ted Weschler, one of Buffett’s portfolio managers overseeing some of the investment in Berkshire. It may have been done by.
Berkshire reported that it no longer owns more than $1 billion in stock in homebuilder DR Horton, insurance company Globelife, insurance and investment company Markel and Brazilian credit card processing company Stoneco at the end of September. did.
The Omaha, Nebraska-based conglomerate also increased its stake in oil company Chevron, one of its largest holding companies, and reduced its stake in computer and printer maker HP and media company Paramount Global. Ta.
For the second consecutive quarter, Berkshire received permission from the Securities and Exchange Commission to temporarily declassify one or more of its holdings.
The company sometimes requests such treatment when it makes large investments, including multibillion-dollar stakes in Chevron, Exxon Mob, IBM and Verizon Communications.
Investors often try to take advantage of Berkshire’s efforts, reflecting Buffett’s reputation as one of the world’s best investors. Berkshire doesn’t like investors flocking to its stock before the buying season ends.
In its third quarter report in November, Berkshire said the company recently spent $1.2 billion in stocks in the sector, indicating that sensitive investments may involve banks, financial companies and insurance companies. hinted. It is not yet clear where the money will be used.
Berkshire did not immediately respond to a request for comment. We will no longer invest in Exxon, IBM, or Verizon.
Buffett, 93, has run Berkshire since 1965.
The conglomerate also owns dozens of companies, including Geico auto insurance company, BNSF Railway, energy and industrial companies, and consumer brands such as Benjamin Moore, Dairy Queen, Duracell, Fruit of the Loom, and See’s Candies. Masu.
The company also owns the Pilot Truck Stop chain after buying the 20% it didn’t already own from the billionaire Haslam family in January.
Berkshire plans to reveal more about its investments and operations when it releases its annual report and Mr. Buffett’s annual letter to shareholders, scheduled for Feb. 24.
with post wire
