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    Buffett's Berkshire Hathaway reduces BYD stake to nearly 6%

    Buffett's Berkshire Hathaway reduces BYD stake to nearly 6%

    Berkshire Hathaway, led by US entrepreneur Warren Buffett, decreased its ownership of shares in Chinese electric vehicle manufacturer BYD on the Hong Kong Stock Exchange. The reduction saw Berkshire's stake drop from 7% on June 11 to almost 6% eight days later.

    Photo: BYD
    Source: Google Images

    Previously, Berkshire Hathaway held a substantial 20.5% stake in BYD shares as of December 2021. However, the company began divesting its holdings in late summer 2022 due to significant appreciation in BYD's share price, which had multiplied twenty-fold from its original purchase price.

    Berkshire Hathaway first invested in BYD securities in 2008, initially acquiring shares worth $225mn. The decision to disclose sales of BYD shares in August 2022 coincided with the company's peak share price, which subsequently declined by approximately 28%.

    The investment in BYD was originally spearheaded by Charlie Munger, Berkshire Hathaway's late vice chairman, whom Buffett credits for the success of the venture. While Berkshire Hathaway primarily focuses on investments within the United States, its strategic foray into BYD's market reflects long-term strategic investment principles.

     

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    26.06.2024, 15:36   Comments (0)   1238
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