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Berkshire Hathaway Takes A Stake In Amazon

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Berkshire Hathaway Takes A Stake In Amazon

Warren Buffett told CNBC's Becky Quick on Thursday "one of the fellows" in his office bought a stake in Amazon.com, Inc. (NASDAQ: AMZN).

Shares of Amazon were trading higher by more than 2 percent Friday morning.

What Happened

Speaking ahead of the annual Berkshire Hathaway Inc. (NYSE: BRK-A)(NYSE: BRK-B) shareholder meeting this weekend, Buffett said he was an "idiot for not buying" Amazon's stock sooner. But he also said the stock purchase wasn't made by him personally, rather it was overseen by two of his right-hand men Todd Combs or Ted Weschler.

"It is not true to say I am buying Amazon," Buffett said. "It is true to say Berkshire bought."

Why It's Important

Buffett said back in 2017 his "stupidity" prevented him from buying Amazon's stock at that time. He echoed similar comments in 2018, telling CNBC he "had no idea" Amazon's business would evolve to what it is today.

Buffett said from his standpoint, his firm's new stake in Amazon is "not significant."

Details of Berkshire's stake in Amazon will show up in the firm's 13F regulatory release later in May.

At time of publication, Amazon's stock traded higher by 2.2 percent at $1,942.43 per share.

Related Links:

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Posted-In: Becky Quick CNBC Warren BuffettNews Media Best of Benzinga

 

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