Buffett's Berkshire dumps stake in General Motors as it builds cash

Berkshire Hathaway said on Tuesday it shed its holdings in General Motors as the conglomerate controlled by billionaire Warren Buffett boosted its cash pile to a record $157.2 billion.

In a regulatory filing detailing its U.S.-listed stock holdings as of Sept. 30, Berkshire reported no holdings in GM after reporting a stake of $848 million in June. Berkshire cut its stake in GM by 45 percent the previous quarter ending in June.

Buffett has long been loyal to the Detroit 3 and was known for driving a Cadillac. In 2012, Berkshire acquired 10 million shares in GM, but the firm's stake has grown and shrunk over the past decade amid recalls and other developments.

GM shares rose 4.8 percent to close Tuesday at $28.20.

Tuesday's filing detailed investments that comprised most of Omaha, Neb.-based Berkshire's equity portfolio, which totaled $318.6 billion as of Sept. 30.

Berkshire sold $7 billion of stocks, including some of its big investment in Chevron and bought just $1.7 billion in the third quarter, a down period for its stock holdings led by Apple, whose share price fell 12 percent.

For all of 2023, Berkshire has sold $23.6 billion more stocks than it has bought.

The net sales contributed to Berkshire's record cash stake, which is about the same size as its $156.8 billion stake in iPhone maker Apple.

Buffett, 93, has run Berkshire since 1965.

His conglomerate also owns dozens of businesses including the Geico car insurer, BNSF railroad, energy and industrial companies, and consumer brands such as Benjamin Moore, Dairy Queen, Duracell, Fruit of the Loom and See's Candies.

Paige Hodder of Automotive News contributed to this report.