Warren Buffett Successor Greg Abel Cut Berkshire's Bank of America Stake by $1.7 Billion. He Added $1.6 Billion of Delta Air Lines.
The conglomerate's new CEO spent the second quarter selling the bank Buffett had been selling for two years -- and buying the airline Buffett sold out of in 2020.
Berkshire Hathaway's CEO Greg Abel made significant changes to the conglomerate's U.S. stock portfolio during his second quarter as company leader, according to the second-quarter 13F filing with the SEC. The portfolio, valued at $299 billion, largely remained unchanged, with three of the top four positions, Apple, American Express, and Coca-Cola, not experiencing any share movements.
The largest addition to the portfolio was $17 billion invested in Alphabet, extending its previous purchases disclosed in June. However, the most notable change was a $1.7 billion reduction in Berkshire's stake in Bank of America, cutting it by 5.9% to 30.2 million shares. Meanwhile, the company increased its investment in Delta Air Lines by 44%, purchasing an additional 17.5 million shares, bringing its stake to 57.3 million shares, valued at approximately $5.4 billion.
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