Warren Buffett’s Berkshire Hathaway raises its stake in Amazon by 11%

Warren Buffett’s Berkshire Hathaway increased its stake in the U.S. commerce giant Amazon by 11%, CNBC reported on Wednesday, August 14.

                                

According to a government filing obtained by CNBC, Berkshire Hathaway now owns 537,300 shares in the company that belongs to the richest man in the world, Jeff Bezos. The total value of its stock reaches $947 million.

Amazon’s stock saw an uprise following the news. On Friday, the stock was up for the second day in a row, seeing 1.28% gains at the time of publication.

Initially, Buffet revealed the details of his investment in Amazon in May. It was disclosed that the company now owns 483,300 shares in the e-commerce corporation, worth around $904 million.

As of June 30, Amazon shares outstanding was slightly over 500 million. At press time, the company’s market cap was approximately $878.6 billion.

Buffet is working together with Bezos on a healthcare project called Haven, which was launched in January 2018. The billionaire once lamented that he had missed his chance to invest in Amazon, as the company “far surpassed anything” he would have dreamed could have been done.

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