Berkshire Hathaway Invests Big in Alphabet, Repurchases Own Shares
Berkshire Hathaway's new CEO Greg Abel has been busy investing the company's massive pile of cash. In its second-quarter earnings report, Berkshire disclosed that it had invested $10 billion in Alphabet stock, which is Google's parent company.
This investment was part of a larger portfolio update that saw Berkshire add over $24 billion worth of commercial, industrial, and other stocks to its holdings. However, the specific names of these stocks will not be revealed until a separate filing later this month.
The repurchase of $4.5 billion in shares is a significant move by Abel, who took over as CEO in January after Warren Buffett's retirement. Buffett remains chairman and has stated that Berkshire only repurchases shares when they believe they are selling for less than their worth.