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Buffett's firm sells off financials, halves Chevron stake

Warren Buffett appoints two new vice chairs of Berkshire Hathaway
Posted at 7:25 PM, May 17, 2021
and last updated 2021-05-17 20:25:53-04

OMAHA, Neb. (AP) — Investor Warren Buffett’s company pared back its investments in financial firms further during the first quarter.

It also halved its new investment in Chevron and made several other changes to its portfolio.

Berkshire Hathaway provided an update on its U.S. stock holdings Monday. During the first three months of the year, Berkshire continued to unload more of its Wells Fargo stock, it pared down its investment in US Bank’s parent company and it sold off a relatively smaller $700 million stake in Synchrony Financial.

After first disclosing a $4.1 billion Chevron investment three months ago, Berkshire cut that down to roughly $2.5 billion of the oil producer’s stock.

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