Buffett doubled down, Berkshire increased shareholding in sirius xm
Berkshire recently increased its shareholding in sirius xm, with a stake of 32%. Despite facing challenges of subscriber losses and high debt, Buffett's "golden touch" once again turned to it.
Bullish on satellite broadcasting services? Buffett continues to increase shareholding in SiriusXM, raising his stake to 32%!
What did Buffett value about this company?
Buffett increased his stake in the satellite broadcasting company SiriusXM, raising his shareholding to 32%.
Last week, Warren Buffett's Berkshire Hathaway company spent about $87 million in multiple trades to purchase approximately 3.6 million shares of SiriusXM stocks, increasing its shareholding percentage to 32%. Despite SiriusXM facing issues with user attrition and insufficient growth potential, Berkshire may have identified a merger arbitrage opportunity, hence choosing to continue investing. The news of the shareholding increase caused SiriusXM's stock price to surge over 9.3% intraday on Monday.
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Stock Market at New Highs; Movers: SoFi, Boeing, Sirius XM
US stock market in early trading | The three major indices are mixed, with the S&P 500 index continuing to hit new highs; growth tech stocks generally rise, with adobe and nvidia both rising more than 3%.
As of the press time, the three major indexes rose in a straight line, with the Dow Jones falling by 0.07%; the Nasdaq rising by 1.07%; and the s&p 500 index rising by 0.65%.