Berkshire Hathaway has more than tripled its stake in Google's parent company Alphabet, investing nearly $17 billion in shares, according to a regulatory filing. The move marks a significant shift under new CEO Greg Abel, who took over from Warren Buffett at the start of the year.
The conglomerate also bought over $2.6 billion worth of Delta Air Lines stock and established a small new stake in Macy's worth about $55 million. These investments come as Abel settles into his role, with Buffett having historically been reluctant to invest in tech and airline stocks.
Berkshire also sold holdings in Visa, Mastercard, Domino's Pizza, Amazon and United Healthcare after the departure of investment manager Todd Combs. The company does not comment on its quarterly portfolio changes, which are disclosed in SEC filings.
Abel, who previously ran Berkshire's utility operations, appears more comfortable with tech investments than Buffett, who made an exception for Apple due to consumer loyalty. The new stakes caused Macy's and Delta shares to rise, while Alphabet's stock remained largely unchanged.
