Warren Buffett’s Berkshire cuts Amazon stake by 75%, bets $351.7 million on New York Times — Check what was adjusted
According to Bloomberg, based on SEC filings made on February 17, veteran investor Warren Buffett’s Berkshire Hathaway Inc. reduced its stake in technology and retail giant Amazon by more than 75% in the 4th quarter, while investing $351.7 million in the New York Times Company.
The filings also informed Buffett’s final stock-related decisions as Berkshire Hathaway CEO before handing over the job to his successor, Greg Abel, in January this year, the report also said.
Meanwhile, the report states that the executive is affiliated with Amazon and NYT Co. It was stated that in addition to its shares, it adjusted its positions in Apple and Bank of America (BoA) and increased its shares in Chubb and Chevron in the fourth quarter.
Buffett’s stock adjustments for Berkshire — What we know
According to the report, the Omaha, Nebraska-based company purchased 5.1 million shares of the media publishing company in the three months through December, according to a regulatory filing filed Tuesday; this was a stake worth $351.7 million at year’s end.
Berkshire first bought shares in Amazon in 2019. Buffett said at the time that he was “a fool” for not buying shares of the online retail giant sooner, despite his historical aversion to tech stocks. He currently owns approximately 2.3 million shares of the company.
Also in the fourth quarter, Berkshire, Bank of America Corp. and Apple Inc., to 7.1% and 1.5%, respectively. Buffett began cutting these positions in 2024.
Berkshire Hathaway also owns oil producer Chevron Corp. and increased its shares in insurance company Chubb to 6.5% and 8.7%, respectively, during the period.
The conglomerate announced its first investment in Chubb in May 2024, after secretly building it the previous year. Shares of Chubb rose nearly 11% in the fourth quarter after a trade publication reported that the firm was taking an informal approach to acquiring American International Group Inc. The company denied any offer was made.
Is Buffett looking to buy again?
Buffett, who stepped down as chief executive last year, appears to have sought acquisitions again in recent quarters; It reached a deal to buy Occidental Petroleum Corp.’s petrochemical business for $9.7 billion and build a $5.6 billion stake in Alphabet Inc.
Shares of New York Times Co. rose more than 10% in after-market trading in New York.
(With input from Bloomberg)
