Billionaire investor Warren Buffett has used the ongoing market sell-off as an opportunity to buy the dip and add several new key positions as his investment conglomerate, Berkshire Hathaway, staked tens of billions of dollars in stocks in the first quarter, according to new regulatory filings.
Buffett’s Berkshire Hathaway took advantage of ongoing market turbulence to take eight new positions and add many more in the first quarter of 2022, with the bulk of its buying activity taking place in early March.
Buffett’s investment conglomerate announced several new holdings late Monday, 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 was renamed ViacomCBS earlier in 2022, while it also unveiled a new $390 million stake in Ally Financial last quarter.
Shares of all three companies rose on Tuesday after news that Buffett had taken a position: Paramount rose 14%, Citi 7% and Ally nearly 5%.
Berkshire Hathaway also made significant purchases in two energy companies – Chevron and Occidental Petroleum, legacy tech giant HP and video game company Activision Blizzard, although the moves had been disclosed earlier.
Buffett’s investment conglomerate now owns approximately 159 million shares of Chevron (worth approximately $27 billion), 143 million shares of Occidental (worth nearly $10 billion), 121 million shares of HP (worth more than $4 billion). billion) and 64 million shares of Activision (worth $5 billion).
Berkshire Hathaway issued more than $51 billion worth of stock in the three months ended March 31, the largest quarterly spending surge in recent history.
What to look out for:
Berkshire mainly exited two large holdings in the first quarter. Buffett sold all of his shares in Wells Fargo, which was previously a top holding company and had been part of his portfolio since 1989. The 91-year-old “Oracle of Omaha” also sold nearly all of his $8 billion stake in telecom giant Verizon, which held just 1.4 million shares at the end of March, far less than the more than 150 million shares it bought at the end of December. 2021 owned.
Large Number: $113.3 Billion
That’s how much Buffett is worth, according to Forbes‘ calculations. He is the fifth richest person in the world, with his net worth soaring $1.5 billion on Tuesday afternoon, while Berkshire Hathaway shares rose more than 1%.
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