Berkshire Hathaway, the investment company owned by Warren Buffett, continues to reduce its stake in the Chinese electric automaker BYD.
Berkshire sold 2.53 million Hong Kong-listed shares worth $86.3 million, according to a stock exchange filing.
The shares which were sold on June 19, reduced Berkshire’s holdings in BYD’s shares from 9.21% to 8.98%.
Berkshire has been steadily been selling shares. The company had not sold shares in the automaker before last August.
Warren Buffett, chairman and CEO of Berkshire Hathaway. (AP Photo/Nati Harnik, File / AP Newsroom)
Last month, Buffett’s company sold nearly 2 million shares, brining his stake to below 10%.
In February, Berkshire sold nearly 95 million of its original 225 million shares, according to a filing with the Hong Kong stock market.
That is in addition to the sale of another 4 million BYD shares.
BYD’s Atto 3 electric SUV. ( REUTERS/Adnan Abidi / Reuters Photos)
Berkshire invested in the company in 2008, paying $232 million for a stake.
BYD sold nearly 1.9 million cars last year including pure electrics, plug-ins and hybrids.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 507,500.00 | -2,499.99 | -0.49% |
| BRK.B | BERKSHIRE HATHAWAY INC. | 334.20 | -0.94 | -0.28% |
Many investors follow Buffett’s investments because of his remarkably successful track record over the years.
Original Article: https://www.foxbusiness.com/markets/buffetts-berkshire-continues-sell-shares-chinese-electric-automaker
