Buffett Sells $47 Million of His BYD Stake, Spurring Bets of More Cuts

The value of Buffett’s stake in the automaker has climbed north of $8 billion from around $230 million when he first invested in the company in 2008.

(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. trimmed its stake in BYD Co. just over a month after the stock plummeted on speculation that the legendary American investor was preparing to shed his entire position.

Berkshire cut its holding in the Chinese carmaker’s Hong Kong-traded shares to 19.92% from 20.04% on Aug. 24, according to an exchange filing Tuesday. That equated to around 1.33 million securities at an average of HK$277.10 ($35.30) each, valued at about $47 million.