Buffett Builds $10 Billion Stake in IBM
Berkshire Hathaway accumulated a 5.5 percent stake in IBM, Warren Buffett said on Monday, his biggest bet on the technology field that he has historically shunned.
Buffett, in a CNBC interview, said he bought about 64 million shares of IBM, which cost around $10.7 billion. Berkshire started buying the shares in March with a goal to build a $10 billion position, he said.
Buffett also said IBM did not know that he was building a stake, and that the company was finding out about his investment for the first time as he said it on CNBC.
According to Thomson Reuters data, a 5.5 percent position would tie Buffett with State Street Global Advisors for the largest stake in the company.
IBM shares rose nearly 1 percent in premarket trading.
(Reporting by Ben Berkowitz; Editing by Derek Caney)
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