Buffett’s Berkshire more than triples Ally stake, sheds Verizon

By Thomson Reuters Aug 15, 2022 | 3:46 PM

(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Monday said it more than tripled its stake in the online banking company Ally Financial Inc, while shedding its stakes in Verizon Communications Inc and Royalty Pharma Plc, which buys drug royalties.

The changes were described in a regulatory filing describing Berkshire’s U.S.-listed equity investments as of June 30.

Berkshire slowed its trading in the second quarter as U.S. stock markets fell, buying $6.2 billion of stocks and selling $2.3 billion.

It had bought $51.1 billion of stocks and sold $9.7 billion in the first quarter.

(Reporting by Jonathan Stempel in New York, Editing by Franklin Paul)