Buffett’s firm keeps selling BYD shares despite past praise

KIFI

Published January 9, 2023 9:34 AM

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett’s company continues selling off its BYD shares despite the positive comments he made in the past about the Chinese electric car maker, but Berkshire Hathaway remains a major shareholder. Berkshire said in a filing with the Hong Kong stock exchange Monday that it had sold another 1 million shares, leaving it with 13.97% of the Hong Kong-issued shares of BYD. Buffett hasn’t explained why he is selling the shares he bought back in 2008 for $232 million. But the sales do allow Berkshire to bank some of the tremendous gains the stock has recorded since the market for electric vehicles took off in China. Berkshire’s remaining stake is worth a little under $4 billion.

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