Warren Buffett's Berkshire Hathaway Trim Holdings In This Tesla Competitor Again

Warren Buffett's Berkshire Hathaway Trim Holdings In This Tesla Competitor Again
  • Berkshire Hathaway, the investment company, owned by Warren Buffett, has sold 5.78 million Hong Kong-listed shares of electric vehicle maker BYD Co, Ltd BYDDF BYDDY for HK$1.14 billion ($145.38 million).
  • The sale lowered Berkshire's holdings in BYD's total issued H-shares to 16.62% on November 8, down from 17.15%, Reuters reported citing a stock exchange filing.
  • Last week Berkshire Hathaway sold H-shares worth HK$560 million.
  • Also Read: The Top 5 Electric Vehicle Companies In The World By Units Through Q3: Where Tesla Ranks
  • During August, Berkshire sold 1.33 million shares of BYD at an average price of HK$277.1 (about $47 million), cutting its stake to 19.92% from 20.04%.
  • Yang LiuAtlantis Investment's chairperson and chief investment officer, told CNBC the latest move could be "warning signs that the market may be [coming] to a big correction."
  • "Maybe this recession in front of us for the U.S. economy and also a weaker Chinese consumption altogether brings down investors' confidence to a larger scale."
  • Cathie Wood-led ARK Investment Management sold over 51,000 BYDDY otc shares of Warren Buffett-backed BYD through the ARK Autonomous Technology & Robotics ETF ARKQvalued at over $2.9 million.
  • Tesla Inc TSLA competitor BYD is the 21st largest holding in ARKQ, valued at over $19 million.
  • Price Action: BYDDF shares traded at $24.24 in the premarket on the last check Friday.
  • Photo via Wikimedia Commons
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