Berkshire Hathaway Boosts Alphabet Stake in First Quarter Under New CEO Abel

Deep News05-16 05:51

In the initial months of Greg Abel's tenure as Chief Executive Officer of Berkshire Hathaway, the conglomerate increased its holdings in Google's parent company, Alphabet, and exited its investment in Amazon.com.

According to a regulatory filing on Friday, Abel acquired 36.4 million shares of Alphabet stock, bringing the total position value to $15.6 billion by the end of March. Concurrently, Berkshire Hathaway sold its stake in Amazon.com just months after the initial purchase.

Berkshire Hathaway also purchased shares of Macy's and Delta Air Lines. This move prompted the share prices of both companies to rise by 5% and 3%, respectively, in after-hours trading in New York.

Informed sources indicated that Abel has liquidated stock positions previously managed by Todd Combs, Berkshire Hathaway's former stock-picking specialist. Combs joined JPMorgan Chase in December, assuming a broad investment advisory role.

Legendary investor Warren Buffett stepped down after six decades at the helm of Berkshire Hathaway, with Abel succeeding him as CEO this year.

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