OMAHA, NEB. (
) -- Shares of Warren Buffett's
returned today to the $100,000 mark, after the company reported that it earned $1 billion in profit from its investment in BYD.
BYD is the seventh-largest car company in China, as well as the country's largest producer of rechargeable batteries. It is also the power unit supplier for a number of mobile phone companies, including
unit was announced last September, according to a report on RealMoney.com on Monday. Berkshire agreed to buy 225 million shares of BYD for HK$8 each.
The total investment came to about $223 million, which gave Buffett a stake of almost 10% in the company. BYD's stock has since quintupled, leaving Buffett and Berkshire with a tidy $1 billion payout.
Recently the company has upped its stake in
Johnson & Johnson
. It has also divested its stake in
and cut its stake in
Shares of the company have been trading between $70,050 and $147,000 during the 52-week period. This is the first time it closed at $100,000 since Jan. 6 of this year. The stock prices is up almost $15,000 per share since June 10.
-- Reported by Jeanine Poggi in New York.
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