Warren Buffett's Berkshire Hathaway Sheds General Electric
Dow component General Electric (GE) - Get Report was slightly lower on Tuesday after billionaire Warren Buffett and his firm Berkshire Hathaway dropped its position in the company.
According to a Securities and Exchange Commission filing, Berskhire sold all of its stake in GE, while reducing its position in Costco Wholesale Corp. (COST) - Get Report , Sirius XM Holdings Inc. (SIRI) - Get Report , and International Business Machines Inc. (IBM) - Get Report .
Prior to the end of March, Berkshire held more than 10 million GE shares, worth a total $315.4 million. The position was just a fraction of its $3 billion investment in preferred stock and warrants from October 2008, a time at the height of the financial crisis.
Berkshire also acquired a large stake in Synchrony Financial, the credit-card lender GE spun off in 2014. The $520.7 million position pushed Synchrony shares higher in premarket trading.
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