Berkshire said in a filing with the
Buffett hasn't explained why he's selling the shares that he bought back in 2008, and he didn't immediately respond to questions about it Monday. Berkshire has cut its stake from 225 million shares in August to 153.3 million shares as of this latest filing. Buffett previously praised BYD founder Wang Chanfu generously and even visited a BYD factory in
Investors may have to wait for Buffett's annual letter to shareholders next month to learn more about why he decided to reduce Berkshire's stake in BYD although he might not even address it then if he plans to continue selling the shares. Buffett doesn't routinely comment on his stock moves until after he is done making them.
The sales do allow Berkshire to bank some of the tremendous gains the stock has recorded as the market for electric cars took off in
The stake Berkshire paid
In addition to its roughly
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