BYD Stock Drops After Warren Buffett’s Berkshire Exits Stake
BYD shares fell 3% in Hong Kong on Monday after a report that Warren Buffett’s Berkshire Hathaway had sold the last of its stake in the Chinese EV maker.
The famed investor’s company likely made around $7 billion, or 30 times its money, from the 16-year investment, an analysis by Business Insider found.
Buffett’s conglomerate purchased the stake through its Berkshire Hathaway Energy subsidiary, which revealed in its first-quarter report this year that it had exited the position.
Berkshire confirmed the exit to CNBC, which first reported the disclosure over the weekend. The company didn’t immediately respond to a request for comment from Business Insider.
Berkshire paid $232 million, or just over $1 a share, for…
