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☆ Warren Buffett's Berkshire Hathaway reveals record $157 billion cash pile as the investor hunts in vain for bargains
▼ + stars: | 2023-11-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

His company Berkshire Hathaway sold over $5 billion of stocks on a net basis, its earnings show. Berkshire's cash pile grew to a record $157 billion, surpassing Disney's market capitalization. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway grew its cash pile by 7% to an astounding $157 billion last quarter, smashing the conglomerate's previous record of $149 billion in late 2021. They poured a record $68 billion into stocks last year, or $34 billion on a net basis. Their total cash and cash equivalents fell by 21% to $26 billion between January and September, while their short-term Treasury pile swelled by 36% to $126 billion.

Persons: Warren Buffett, Berkshire Hathaway, —, Warren, Buffett, . Buffett, Charlie Munger Organizations: Berkshire, Service, Disney, Travel Centers, BNSF Railway, Berkshire Hathaway Energy Locations: Alleghany, Berkshire

(AP) — Warren Buffett's company has reported a nearly $13 billion loss in the third quarter as the paper value of its investments fell, but the companies it owns — particularly the insurers — generally performed well. Berkshire Hathaway said Saturday that it lost $12.8 billion, or $8,824 per Class A share, in the quarter. That's significantly bigger than the $2.8 billion loss, or $1,907 per Class A share, that it reported a year ago. A year ago, the insurers reported a $1.1 billion loss in the third quarter. The biggest driver in that increase in expenses was a $1.3 billion loss related to wildfires at its PacifiCorp unit.

Persons: — Warren, Berkshire Hathaway, Berkshire didn't, Buffett, See's, hasn't, Josh Funk Organizations: Berkshire, Apple, Accounting, FactSet Research, BNSF, hathaway Locations: OMAHA, Neb, Berkshire, Omaha , Nebraska, berkshire

☆ 75% of Warren Buffett’s equity portfolio is in just 5 stocks. Here’s what they are
▼ + stars: | 2023-11-04 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett's Berkshire Hathaway reported another stellar quarter on Saturday, and the conglomerate revealed that three-quarters of its stock portfolio was tied up in just five names. The Omaha-based conglomerate said approximately 75% of the aggregate fair value was concentrated in five companies at the end of the third quarter. Buffett's juggernaut posted a big investment loss of $24.1 billion in the third quarter, largely due to a decline in its gigantic Apple stake. The Chevron stake went up in value as the energy stock gained more than 7% during the quarter amid a jump in oil prices. Still, the "Oracle of Omaha" advised shareholders to ignore the quarterly fluctuations in Berkshire's equity portfolio.

Persons: Warren, Berkshire Hathaway, Buffett Organizations: American Express, Bank of America, Chevron Locations: Omaha

☆ Buffett's Berkshire posts loss as stocks fall, operating profit rises
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +1 min

Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNov 4 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted its first overall quarterly loss in a year as the prices of stocks it owns fell, while improved results from insurance operations bolstered operating profit. Berkshire said its third-quarter net loss was $12.77 billion, or $8,824 per Class A share, and compared with a $2.8 billion loss a year earlier. Operating profit rose 41% to $10.76 billion, or $7,444 per Class A share, from $7.65 billion a year earlier. Berkshire said it repurchased $1.1 billion of its stock in the quarter, and has bought back about $7 billion this year.

Persons: Rick Wilking, Warren Buffett's, Jonathan Stempel, Jason Neely Organizations: Berkshire Hathaway, REUTERS, Warren Buffett's Berkshire Hathaway Inc, Berkshire, Thomson Locations: Omaha, Berkshire, New York

☆ National Association of Realtors CEO quits earlier than expected after federal lawsuit loss
▼ + stars: | 2023-11-02 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

The National Association of Realtors announced Thursday that CEO Bob Goldberg will resign earlier than expected, as the group contends with the fallout from a federal lawsuit and a harassment scandal. The leadership transition comes days after a federal jury found the association — and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway — liable for conspiring to artificially inflate commissions from home sales. The association did not mention the lawsuit in Goldberg's decision to step down. Starting Nov. 30, Goldberg will be replaced by Nykia Wright, who's serving as interim CEO while the association searches for a permanent replacement. Goldberg will continue to serve as an executive consultant through the transition, the association added.

Persons: Bob Goldberg, Warren Buffett's Berkshire Hathaway —, Kenny Parcell, Goldberg, Nykia Wright, who's Organizations: National Association of Realtors, NAR, New York Times, CNBC PRO Locations: Edmonton , Alberta, Canada, Warren

☆ BlackRock is jumping into one of the hottest sectors on Wall Street
▼ + stars: | 2023-11-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

This post originally appeared in the Insider Today newsletter. In today's big story, we're looking at a Wall Street giant jumping into one of the hottest sectors in finance. Similarly, a Google Brain cofounder said Big Tech companies are lying about AI risks to shut down competition. It's the latest example of how Big Tech can wreak havoc on smaller players overnight. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Julia Nikhinson, Arantza Pena Popo, BlackRock, Larry Fink, Insider's Rebecca Ungarino, Rebecca, It's, Blackstone, BlackRock's Larry Fink, Spencer Platt, Aaron Schwartz, that's, Charlie Munger isn't, Warren Buffett's, it's, Tyler Le, Ksenia Yudina, Gen Z's, Gen, Vegas Wendy Lee, Wendy Lee, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Street, KKR, Getty, Greenwich Economic, Xinhua, Federal Reserve, Big Tech, Market, Sin City Locations: Greenwich, Vegas, Las Vegas, Sin, New York City, San Diego, London, New York

☆ Charlie Munger says he dislikes fashion stocks like Nike - but he'd buy Hermès stock if it was cheap enough
▼ + stars: | 2023-11-01 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Charlie Munger avoids fashion stocks like Nike, but he'd invest in Hermès at a compelling price. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementCharlie Munger isn't a fan of fashion retail, but there's one luxury stock he'd own at the right price. Buffett's business partner also touched on Kraft Heinz, which counts Berkshire as its biggest shareholder with a nearly 27% stake. AdvertisementAdvertisement"Kirkland is a brand the way Tide is a brand, and Hermès is a different kind of a brand," Munger said.

Persons: Charlie Munger, Warren Buffett's, Munger, —, Charlie Munger isn't, I'm, Birkin, Hermès, Kraft Heinz, Heinz, Kirkland Organizations: Nike, Service, Berkshire Hathaway's, Berkshire, Kraft Locations: Hermès, Berkshire

☆ Jury hits National Association of Realtors, real estate companies with $1.8 bln in damages
▼ + stars: | 2023-10-31 | by ( Mike Scarcella | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

Townhomes line a street in Fairfax, on the morning the National Association of Realtors issues its Pending Home Sales for February report, in Virginia March 27, 2014. The verdict followed a two-week trial in the Kansas City, Missouri, federal court, where the case had drawn widespread attention for challenging widely used real estate industry practices. A spokesperson for the National Association of Realtors, Mantill Williams, also said it would appeal and ask the court to reduce the damages amount. The plaintiffs claimed the association and corporate defendants drove up the commission, upwards of 6%, that home sellers pay to brokers representing buyers. Two other defendants, Re/Max (RMAX.N) and Anywhere Real Estate (HOUS.N), agreed to respective $55 million and $83.5 million settlements before trial, without admitting liability.

Persons: Larry Downing, Warren Buffett's Berkshire Hathaway, Michael Ketchmark, Ketchmark, Keller Williams, HomeServices, Darryl Frost, Frost, Mantill Williams, Sellers, Mike Scarcella, David Bario, Chizu Nomiyama, Jonathan Oatis Organizations: National Association of Realtors, REUTERS, U.S . Justice Department, Thomson Locations: Fairfax, Virginia, U.S, Warren, Kansas City , Missouri, Berkshire, America, Missouri , Kansas, Illinois, Washington, Maryland

The verdict by a federal jury in Kansas City, Missouri, could upend decades-old practices that have allowed real estate agents to boost commissions as home prices and mortgage rates rise, hurting consumers by making housing transactions more expensive. Plaintiffs in the class action included sellers of more than 260,000 homes in Missouri, Kansas and Illinois between 2015 and 2022, who objected to the commissions they were obligated to pay buyers' brokers. The verdict followed a two-week trial, and the damages award can be tripled under U.S. antitrust law to more than $5.3 billion. Shares of real estate brokerages not involved in the verdict closed lower. Re/Max fell 4.4% and Anywhere fell 2.7%, while online brokers Zillow Group (ZG.O) and Redfin (RDFN.O) declined 6.9% and 5.7%, respectively.

Persons: Larry Downing, Warren Buffett's Berkshire Hathaway, Michael Ketchmark, realty Keller Williams, Mantill Williams, HomeServices, Keller Williams, Darryl Frost, Frost, Sellers, Corcoran, Max, brokerages, Mike Scarcella, Jonathan Stempel, Lance Tupper, David Bario, Chizu Nomiyama, Jonathan Oatis, David Gregorio Our Organizations: National Association of Realtors, REUTERS, realty, NAR, Coldwell Banker, Zillow, U.S . Department of Justice, Thomson Locations: Fairfax, Virginia, U.S, Warren, Kansas City , Missouri, Missouri , Kansas, Illinois, Berkshire, America, Washington, Maryland, New York

☆ Expand the 'Magnificent 7' to include Warren Buffett's Berkshire Hathaway, investment chief says
▼ + stars: | 2023-10-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Warren Buffett's Berkshire Hathaway should be part of a "Magnificent Eight," Jim Worden says. AdvertisementAdvertisementThe "Magnificent Seven" should be expanded to include Warren Buffett's Berkshire Hathaway, one investment chief says. Berkshire commands a larger market capitalization than Tesla or Meta, but it's not counted as a member of the Magnificent Seven because it's not a fast-growing technology company. Including it would provide significant diversification to the group of high-flying stocks, Worden said. It also holds roughly $350 billion worth of stocks, including multibillion-dollar stakes in Apple, Bank of America, Chevron, Coca-Cola, and Kraft Heinz.

Persons: Warren, Berkshire Hathaway, Jim Worden, —, Warren Buffett's Berkshire Hathaway, I'm, it's, Worden, Kraft Heinz, Buffett, Charlie Munger, Munger Organizations: Service, Apple, Microsoft, Nvidia, Wealth Consulting, Berkshire, Bank of America, Fed Locations: Chevron, Berkshire, Treasuries

Berkshire changed the accounting practices at Pilot this year after it acquired control of the company. “Berkshire is intent on using the accounting change to justify grossly underpaying Pilot (the Haslam family) for its 20% interest," the lawsuit said. The Haslam family, which includes Cleveland Browns owner Jimmy Haslam and former Tennessee Gov. But the family did say Berkshire estimated its stake would be worth $3.2 billion without the accounting change. “This legal dispute is limited to a narrow issue between owners and is in no way related to the management or day-to-day operations of Pilot Company," Seabrook said.

Persons: Haslam, Warren Buffett, Berkshire Hathaway, Jim Haslam, Jimmy Haslam, Bill Haslam, Buffett, Kristin Seabrook, Seabrook, Haslams, “ Organizations: Travel Centers, Berkshire, Cleveland Browns, Tennessee Gov, Pilot Company Locations: OMAHA, Neb, Pilot, Berkshire, “ Berkshire, United States, Canada

(AP) — Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months. Buffett's company said in a Securities and Exchange Commission filing late Wednesday that it invested more than $246 million to add to its already massive Occidental stake over the first three days of this week. Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Berkshire's Occidental stake is now worth more than $14.4 billion. In addition to the common Occidental shares Berkshire owns, it also holds 84,897 preferred shares of Occidental that it picked up in 2019 when it helped finance Occidental’s acquisition of Anadarko.

Persons: Warren Buffett, Buffett Organizations: —, Berkshire, Occidental Petroleum, Securities and Exchange Commission, Occidental, Chevron, Hess Corp, Exxon Mobil, Natural Resources, Buffett, Exxon, Berkshire's, Apple, Bank of America, BNSF Locations: OMAHA, Neb, Houston, Occidental, Berkshire, United States, Berkshire's Occidental, Anadarko . Berkshire, Omaha , Nebraska

☆ Fed-up employees might threaten to quit if changes aren't made to their job, but 'thruitting' often does more harm than good
▼ + stars: | 2023-10-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

siraanamwong/Getty ImagesYou're fed up with your job and are finally going to let your manager know it: "Fix this, or I'm leaving." In a bid to keep up with the never-ending stream of workplace trends, let's call this one "thruitting." AdvertisementAdvertisementFor your bookmarksFree tax filing programUS Treasury Secretary Janet Yellen has said tax filing should be simple. SAUL LOEB/AFP via Getty ImagesSee if you're eligible for the IRS' new, free tax filing pilot in 13 states. It's part of the department's attempt to make tax filing simpler and more cost-effective.

Persons: Marc Andreessen, Chris Williams, Williams, simplehappyart, Today's, Siu, It's, SCOTT MORGAN, Charlie Munger, Warren Buffett's, Everyone's, Jeffrey Gundlach, Jensen Huang, Young Liu, Chiang Ying, Marc Andreessen's, Elon Musk, Musk, Arantza Pena Popo, Dolly, Janet Yellen, SAUL LOEB, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, Microsoft, Treasury, Barclays, Baron Partners Fund, Nvidia, University of Pennsylvania, America, Blackstone, Getty, IRS Locations: Israel, Cincinnati , Ohio, New York City, San Diego, London, New York

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Oct 17 (Reuters) - Mitsubishi Corp (8058.T) is considering bidding for Fujitsu's (6702.T) chip packaging unit Shinko Electric Industries (6967.T), two sources said, as Japan's top trading house weighs an entry into semiconductor manufacturing. Fujitsu has put its 50% stake in Shinko Electric, worth around $2.6 billion at current market prices, on sale, other sources said. A Mitsubishi spokesperson said the trading house had set up a division in June dealing with chips and materials that was looking into various opportunities. A Shinko spokesperson declined to comment. Still, semiconductor packaging remains an area of strength for Japan with Shinko, Ibiden (4062.T) and Toppan Holdings (7911.T) all major players in the global chip supply chain.

Persons: Kim Kyung, Warren Buffett's Berkshire Hathaway, Makiko Yamazaki, Maki Shiraki, Miho Uranaka, David Dolan, Muralikumar Organizations: Mitsubishi Corp, REUTERS, Rights, Electric Industries, Mitsubishi, Fujitsu, Bain Capital, KKR, Apollo Global Management, Japan Investment Corp, Intel, Devices, Toppan Holdings, Taiwan Semiconductor Manufacturing, Samsung Electronics, Reuters, Thomson Locations: Tokyo, Japan, Kyushu, Chitose . Japan

☆ Warren Buffett's deputy spoke about his 'tiger mom,' taking risks, and having a short seller's eye. Here are Todd Combs' 8 best quotes from a new interview.
▼ + stars: | 2023-10-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Combs helps Warren Buffett manage Berkshire Hathaway's vast portfolio of stocks and other investments, and serves as CEO of Berkshire-owned Geico. He compared digging into a company to detective work, and underlined the value of having a short seller's eye when analyzing businesses. (Exploring different fields and taking risks is a great way to make your mistakes early and find your passion, Combs said.) If your dream is to make it to manager and you're perfectly fine there, that's pretty much where you're going to stop. (Berkshire doesn't short but Combs finds his short-selling skills help him identify companies' weaknesses.)

Persons: Todd Combs, Combs, Warren, —, Warren Buffett, didn't, You've, you've, Steve, Charlie, Tom Brady, Steph Curry Organizations: Berkshire Hathaway, Service Locations: Berkshire, Warren

☆ Warren Buffett's Berkshire Hathaway has likely scored a 93% gain on Nubank stock this year, making the crypto-friendly bank its best performer
▼ + stars: | 2023-10-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Berkshire Hathaway's best-performing stock this year is likely Nubank-owner Nu Holdings, up 93%. Apple stock is up this year, but other key Berkshire bets like Coca-Cola and Kraft Heinz are down. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway has notched a 93% gain on Nu Holdings since the start of January, likely making the Nubank owner the best performer in Berkshire's stock portfolio this year. Nubank shares have slid 13% from their IPO price fo $9 to trade at $7.84 as of Wednesday's close. Munger has hailed Sequoia as perhaps the "most remarkable investment firm in America" with "the best investment record of anybody."

Persons: Berkshire Hathaway's, Warren Buffett's, Kraft Heinz, —, Warren, Berkshire Hathaway, Berkshire hasn't, Buffett, Charlie Munger, Todd Combs, Ted Weschler, David Vélez, Munger, Sequoia Organizations: Berkshire, Nu Holdings, Apple, Kraft, Service, Bank of America, Sequoia Capital, Sequoia Locations: Berkshire, America, Sequoia

☆ Charlie Munger trashed crypto, warned AI hype seems overblown, and talked poker and donuts at a private event. Here's an inside look at his Zoomtopia keynote.
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Charlie Munger panned crypto, warned about AI hype, and trumpeted Zoom at Zoomtopia last week. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementCharlie Munger trashed cryptocurrencies, warned the AI buzz seems overblown, and praised Zoom for keeping him connected during his closing keynote at Zoomtopia on October 4. Craig Durr, research director at The Futurum Group:"Munger shared his seasoned perspective on crypto and AI – both of which he was skeptical about. He said communications help drive business, and business success is about focus and consistency.

Persons: Charlie Munger, Warren Buffett's, —, Eric Yuan, hasn't, Zoom, Tobi Tungl, Craig Durr, Munger, Eric Yuen, Mark Friedler, Warren Buffett, Eric Kunnen, Charlie, Melody Brue, doesn't, Eric, David Maldow Organizations: Service, Berkshire Hathaway's, CTI, Grand Valley State University, Moor Locations: Zoomtopia, cryptocurrencies, Grand

☆ Warren Buffett's deputy isn't in 'The Big Short' like Michael Burry - but he also bet against the housing bubble and spoke to Michael Lewis
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."

Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, —, Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns

☆ AI is overhyped, Warren Buffett's right-hand man Charlie Munger says
▼ + stars: | 2023-10-10 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Berkshire Hathaway's vice chairman Charlie Munger is skeptical of the sudden hype around AI. AdvertisementAdvertisementWarren Buffett's right-hand man Charlie Munger is an AI skeptic and is not sold on the hype surrounding it, Fortune reported Friday . 99-year-old Munger, vice chairman of Berkshire Hathaway since 1978, spoke at Zoom's Zoomtopia conference on Thursday and said that AI is essentially overhyped. "I think it's getting a huge amount of hype," Munger said, per Fortune. Munger expressed similar sentiments about AI at his newspaper the Daily Journal's annual meeting earlier this year.

Persons: Charlie Munger, —, Warren Buffett's, Fortune, Munger, We've, we've, OpenAI, ChatGPT, It's, Buffett Organizations: Berkshire Hathaway's, Service, Berkshire Hathaway, Daily, Daily Journal, Berkshire

☆ Billionaire grandpa Bill Gates shared an adorably geeky math-themed playlist
▼ + stars: | 2023-10-05 | by ( Madeline Berg | ) www.businessinsider.com time to read: +2 min

Bill Gates, one of the world's most famous geeks, just shared his math-themed playlist. The playlist, which has songs from The Beatles and The White Stripes, is available on Spotify. In fact, he loves it so much, that he, or perhaps one of his assistants, made a math-themed Spotify playlist. There are also some surprising head-bangers on there, like "Black Math" from The White Stripes and "Zero Sum" from Nine Inch Nails. AdvertisementAdvertisement"A playlist with songs about numbers and math adds up to a lot of great music," Gates quipped in its subhead.

Persons: Bill Gates, —, Bill Gates —, Johnny Cash, Bob, Marley, Gates, Phoebe, Warren Buffett's, it's Organizations: Spotify, Service

(AP) — Investor Charlie Munger, who's been Warren Buffett's right-hand man for more than five decades, has made a $40 million gift to a California museum that he's supported in the past. Munger gave 77 Class A Berkshire Hathaway shares to the Henry E. Huntington Library and Art Museum in San Marino, California, according to a filing with the Securities and Exchange Commission. A decade ago, he gave the Huntington museum nearly $33 million worth of Berkshire stock to help pay for a new education and visitors center. Political Cartoons View All 1202 ImagesAfter his latest donation, Munger still holds 4,033 Class A Berkshire shares. Although Berkshire is based in Omaha, Nebraska, where Buffett lives, Munger has long lived in southern California, so much of his charitable giving has been focused on the West Coast.

Persons: Charlie Munger, who's, Warren Buffett's, he's, Munger, Henry E, Susan Turner, Lowe, Turner, Munger's, Buffett's, he'd, he'll, Buffett Organizations: Berkshire Hathaway, Huntington Library, Art Museum, Securities and Exchange Commission, Huntington, Berkshire, Buffett, BNSF Locations: OMAHA, Neb, California, San Marino , California, Huntington, Berkshire, Los Angeles, Omaha , Nebraska, West Coast

☆ Apple CEO Tim Cook just sold 13% of his stock for $42 million after taxes
▼ + stars: | 2023-10-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Apple CEO Tim Cook just sold $88 million of his stock, earning about $41.5 million after taxes. The iPhone maker's boss cashed in 13% of his stake, but still owns shares worth $570 million. The disposals generated around $88 million of gross proceeds, but roughly $44 million was withheld by Apple to cover the taxes incurred. For example, he sold $752 million worth of Apple stock in August 2021, netting himself around $355 million after taxes. Following his latest trades, Cook owns about 3.3 million Apple shares, a position worth $570 million as of Wednesday's close.

Persons: Tim Cook, Cook, —, Apple, Tesla, Warren Buffett's Berkshire Hathaway, Buffett Organizations: Apple, Service, TSR, Nvidia, Tech Locations: Warren

☆ The founder of Tesla's biggest China rival reportedly drank a glass of battery fluid to impress one of Warren Buffett's lieutenants
▼ + stars: | 2023-10-04 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Its founder, Wang Chuanfu, once drank battery fluid to impress big-name investors, the Wall Street Journal reported. AdvertisementAdvertisementThe founder of Chinese automaker BYD, Tesla's biggest global EV rival, once drank battery fluid in front of a big-name investor to show just how serious he was about his company, the Wall Street Journal reported Wednesday. David Sokol, a lieutenant of Warren Buffett's Berkshire Hathaway, noticed BYD's momentum and visited the company in Shenzhen as early as 2008, according to the Wall Street Journal. BYD saw some hiccups as other Chinese EV makers entered the market and Tesla shored up its Chinese operations. Aside from BYD's unique business achievements, its two head executives also have a noteworthy and fascinating dynamic, the Wall Street Journal reported.

Persons: Elon Musk, Wang Chuanfu, BYD, —, Stella Li, Tesla, David Sokol, Warren Buffett's Berkshire Hathaway, Sokol, Wang Organizations: Elon, Wall Street Journal, Service, EV, Wall Street, Sony, Wall, Motorola, Nokia, Toyota Corolla Locations: China, Shenzhen, Berkshire, BYD, Europe, Southeast Asia, Munich

☆ Warren Buffett's Berkshire Hathaway has now cashed in $540 million of HP stock in under a month
▼ + stars: | 2023-10-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway sold another $130 million of HP shares in three days. The investor's company has now cashed in about $540 million of the computing stock in under a month. AdvertisementAdvertisementWarren Buffett's Berkshire Hathaway jettisoned another $130 million worth of HP stock during the last three trading days, it revealed in a regulatory filing on Monday. Buffett's conglomerate owned nearly 121 million shares, or 12.3% of HP, before it began selling on September 11. Prior to last month, Buffett's company hadn't touched the holding since last April.

Persons: Warren, Berkshire Hathaway, —, hadn't, Bill Hewlett, David Packard, Buffett —, Buffett, haven't, Todd Combs, Ted Weschler Organizations: HP, Service, Vanguard, Berkshire, Hewlett, Packard, HP Inc, Apple, Bank of America, American Express Locations: Berkshire, Monday's, California, Bank

Warren Buffett's Berkshire Hathaway carried on its selling streak for HP , dumping shares of the printer and PC maker for nine straight days and reducing its stake to 10.2%. The conglomerate sold more than 5.1 million shares for over $132 million on Thursday through Monday, according to a regulatory filing released Monday night. Over the nine straight days of selling, Berkshire has shed 14.5 million shares for almost $381 million. Adding in other days of sales in mid-September, Berkshire has dropped a total of 20.0 million shares for $539.5 million, an average selling price of $26.93. Berkshire still holds 100.9 million shares, valued at $2.6 billion at Monday's close of $25.67.

Persons: Warren, Berkshire Hathaway, hasn't, Buffett, That's Organizations: HP, Berkshire, Vanguard Locations: Berkshire, Omaha

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