Warren Buffett's Berkshire reveals $900 mn Amazon stake

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Warren Buffett's Berkshire reveals $900 mn Amazon stake

Thursday, 16 May 2019 | IANS | San Francisco

Warren Buffett's Berkshire reveals $900 mn Amazon stake

Warren Buffett's Berkshire Hathaway had shares worth $904 million in e-commerce giant Amazon at the end of March 31, the media reported citing a regulatory filing.

According to a report in CNBC on Thursday, a filing at the US Securities and Exchange Commission revealed that Berkshire's stake in Amazon was 483,300 shares at March-end.

The stake represents just about 0.1 per cent of Amazon's outstanding equity, the report said.

Buffett first disclosed the new investment in Amazon to CNBC earlier this month.

He said that someone at Berkshire's asset management desk just invested in some Amazon shares but "it wasn't me."

"One of the fellows in the office that manage money ... bought some Amazon," Buffett was quoted as saying.

The stake in Amazon is a first for the investment conglomerate. Buffett has repeatedly praised Amazon and its CEO Jeff Bezos in the past.

"The truth is that I've watched Amazon from the start and I think what Jeff Bezos has done is something close to a miracle, and the problem is if I think something is going to be a miracle I tend not to bet on it," Buffett said.

Last year, Berkshire, Amazon and JPMorgan Chase unveiled a joint venture to improve healthcare for their employees.

Berkshire Hathaway owns about 250 million shares of tech giant Apple.