Warren Buffett’s investment company Berkshire Hathaway said it nearly halved its stake in General Motors in the second quarter.
The firm sold 45 percent of its stake in GM, reducing its shares from about 40 million to about 22 million, according to a quarterly filing on Monday with the U.S. Securities and Exchange Commission.
David Whiston, a U.S. auto equity analyst at Morningstar Research Services, told Automotive News that Berkshire Hathaway’s motivation for selling is unclear.
“It could be a variety of reasons from UAW risk, to being tired of waiting for the stock to rally, to macro risk owning a cyclical name, to just having a better idea and wanting to reallocate capital,” he said.
