Warren Buffett’s Berkshire Hathaway sold all of its GM stock
Warren Buffett’s Berkshire Hathaway unloaded its entire $850 million worth of General Motors (.
Shares of the automaker, which recently forecast that a strike by autoworkers this fall would cut pretax earnings by about $800 million this year, were down about 0.3% on Wednesday.
GM holdings make up a small percentage of Berkshire’s $313 billion portfolio, but the firm does appear to be lowering its position in a number of big, blue chip names.
The Oracle of Omaha also sold off some of Berkshire’s other holdings, including Amazon, HP, Chevron, Procter & Gamble, UPS, Mondelez International and Johnson & Johnson in the third quarter.
Overall, Berkshire Hathaway was a net seller of stocks last quarter: The firm sold about $7 billion worth of stock and bought $1.7 billion. In the past year, the company
Still, Berkshire Hathaway did procure some shares of satellite radio company Sirius XM, buying nearly 10 million shares for a total of $50 million — or just under 1% of Sirius’ total market value — in the third quarter.
Shares of Sirius shot nearly 6% higher on Wednesday.
Berkshire ended the quarter with a record $157 billion in cash on hand. The company had about $147 billion at the end of the second quarter and beat out its previous record of $149 billion, set in 2021.
The money, which is mostly held in short-term Treasuries, has grown significantly as interest rates increase and as dealmaking on Wall Street has , giving Buffett less opportunity to acquire new companies.
Buffett earlier this year Fitch Ratings’ downgrade of US credit from the top AAA grade to AA+, telling CNBC on August 3 that Berkshire bought $10 billion worth of US Treasuries that week after doing the same a week prior.
“The only question for next Monday is whether we will buy $10 billion in 3-month or 6-month [Treasury notes],” Buffett said at the time.
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