Billionaire investor Warren Buffett has used the market’s ongoing sell-off as an opportunity to buy the dip and add several major new positions, as his investment conglomerate, Berkshire Hathaway, poured tens of billions of dollars into stocks during the first quarter, according to new regulatory documents.
Buffett’s Berkshire Hathaway took advantage of the current market turbulence to enter eight new positions and add many others during the first quarter of 2022, with most of his buying activity occurring in early March.
Buffett’s investment conglomerate disclosed several new holdings Monday night, including 55 million shares of Citigroup (worth about $2.6 billion) and 69 million shares of media giant Paramount Global (worth about $1.9 billion).
Berkshire Hathaway now owns a more than 10% stake in Paramount, which changed its name from ViacomCBS in early 2022, while also revealing a new $390 million stake in Ally Financial last quarter.
Shares of all three companies rose Tuesday on news that Buffett had taken a stand: Paramount rose 14%, Citi 7% and Ally nearly 5%.
Berkshire Hathaway also made sizeable purchases in two energy companies: Chevron and Occidental Petroleum, legacy tech giant HP and video game company Activision Blizzard, though the moves had been previously disclosed.
Buffett’s investment conglomerate now owns approximately 159 million shares in Chevron (worth about $27 billion), 143 million shares of Occidental (nearly $10 billion), 121 million shares of HP (more than $4 billion) and 64 million shares of Activision ($5 billion).
Berkshire Hathaway spent more than $51 billion on stock in the three months ending March 31, its largest quarterly spend in recent history.
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Berkshire notably pulled out of two big holdings during the first quarter. Buffett sold all of his shares in Wells Fargo, which had previously been a major holding and had been in his portfolio since 1989. The 91-year-old “Oracle of Omaha” also sold almost all of his $8,000 stake. million in the telecommunications giant. Verizon, with just 1.4 million shares at the end of March, is well below the more than 150 million shares it owned at the end of December 2021.
$113.3 billion. That’s what Buffett is worth, according to Forbes‘ calculations. She is the fifth-richest person in the world, with a net worth that was up $1.5 billion as of midday Tuesday as shares of Berkshire Hathaway jumped more than 1%.
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