AsianFin -- Shares of Chinese electric-vehicle maker BYD Co. slid the most in three weeks following reports that Warren Buffett’s Berkshire Hathaway has fully sold its stake in the company.
The stock dropped as much as 3.6%, placing it among the worst performers on a gauge of Hong Kong-listed Chinese shares. According to CNBC, Berkshire Hathaway Inc. has exited its entire holding in BYD, with a spokesperson for the U.S. firm confirming the move.
A filing by Berkshire Hathaway Energy, the subsidiary that held the BYD shares, listed the investment’s value as zero as of March 31. Buffett’s firm had held the stock for more than 15 years, initially purchasing 225 million shares in September 2008. Over that period, the investment skyrocketed more than 4,500% from the day before the first purchase to March 31 of this year.