: Warren Buffett’s Berkshire Hathaway exits General Motors

Warren Buffett’s Berkshire Hathaway exited positions in General Motors and Activision Blizzard in the third quarter, according to a regulatory filing.

The conglomerate sold 22 million shares in GM during the quarter.

was a holding of Berkshire Hathaway as early as 2012, but the conglomerate has been a seller of GM for five of the last six quarters.

Buffett has in the past praised Mary Barra, who has been chief executive since 2014.

GM shares have dropped 16% this year.

Over the last decade, GM has produced annual returns of -0.5%, compared to an 11.7% rise for the S&P 500
according to FactSet data. Ford Motor Co.
which Berkshire Hathaway didn’t hold, also has produced negative returns, while Chrysler owner Stellantis
has seen annual returns of 20.8%.

Berkshire Hathaway’s B class of shares
have returned 11.8% over the last decade.

Activision Blizzard meanwhile was sold by Berkshire Hathaway ahead of its acquisition by Microsoft, which closed last month.

In all, Berkshire Hathaway wasn’t that active in the third quarter, a period in which the firm also reduced its stake in oil giant Chevron
its fifth-largest holding.

It ended the third quarter with $319 billion in equities holdings, $22 billion in bonds and $157 billion in cash.

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