Buffett’s Berkshire is doubling down on Google

Warren Buffett's Berkshire Hathaway has increased its stake in Alphabet, the parent company of Google, by 83% during the second quarter, according to a filing with the Securities and Exchange Commission (SEC). The company now owns approximately 106 million shares of Alphabet, worth about $37 billion, making it the third-largest stock position in Berkshire's portfolio.

Of the additional shares, about 60% were acquired through a $10 billion private placement with Alphabet, tied to the company's June equity raise, at fixed prices of $351.81 per Class A share and $348.20 per Class C share. The placement allowed Berkshire to acquire Alphabet shares at prices lower than the market prices on the day of the purchase, resulting in a $150 million dollar loss in value for the company.

This move is noteworthy as it is the fastest a company has ever climbed into Berkshire's top position, reaching larger than Coca-Cola, a long-standing fixture in the portfolio, within three quarters.