Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, has recently made significant investments in three assets, totaling over half a billion dollars. This move comes after Buffett sold off large positions in Apple and Bank of America, leaving the company with $325 billion in cash reserves. SEC filings have revealed that Buffett has purchased $405 million worth of Occidental Petroleum (OXY), a global energy company with interests in oil and gas exploration, production, chemicals, and low-carbon initiatives.
The stock price of Occidental Petroleum has dropped by 21% since the beginning of 2024, falling from $60.05 to $47.13. In addition to OXY, Buffett also bought $113 million of Sirius XM Holdings (SIRI) and $45 million of VeriSign (VRSN). Sirius XM offers satellite and streaming radio services in North America, with its stock price declining by 57% since the start of the year, from $54.90 to $23.08. VeriSign, a global provider of domain name registry services and internet security solutions, has seen a 1.35% decrease in its shares year-to-date, dropping from $201.56 to $198.84.
Buffett completed these purchases last week and was required to report them immediately as Berkshire’s ownership in each company now exceeds 10%. This strategic move by Buffett showcases his confidence in these assets despite their recent stock price fluctuations. Investors and market analysts will be closely watching the performance of these investments in the coming months.
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