UPDATE 1-Buffett's Berkshire buys Citigroup and several other stocks, slashes Verizon

May 16 - Berkshire Hathaway Inc on Monday said it added new investments in Citigroup Inc and several other companies in the first quarter, as Warren Buffett's conglomerate took advantage of volatile stock markets to invest $51.1 billion that had largely been sitting in cash.

Berkshire also finally exited Wells Fargo & Co, a 33-year-old investment that Buffett soured on after finding it too slow to address revelations that employees had mistreated customers, including by opening unwanted accounts. Stock sales totaled $9.7 billion, and also included drugmakers AbbVie Inc and Bristol-Myers Squibb Co .

Most large Berkshire investments are Buffett's. Stock prices often rise after Berkshire reveals new stakes because investors view the investments as a stamp of approval.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why you will never buy a property when there is a market crashThe stock market is the only market where people run away when things are on sale. A seemingly innocent sentence, but perhaps none truer than what is happening in the markets right now. Stocks, crypto, the shocking implosion of Luna and Terra – everything is a dismal sea of red at the moment. It reminds you of popular sayings back...
Source: asiaonecom - 🏆 10. / 59 Read more »