Warren Buffett is increasing his investment in Sirius XM Holdings Inc., as Berkshire Hathaway Inc. continues to purchase more shares of the radio broadcasting company for its portfolio.
According to regulatory filings, the conglomerate bought $42 million worth of shares over the course of three days last week.
Currently, Berkshire Hathaway holds a stake of approximately 32.5% in Sirius XM’s publicly traded stock, making it the largest shareholder after surpassing billionaire John Malone’s Liberty Media. This change occurred when Liberty Media divided its 83% stake and merged it with its separate tracking shares in the broadcaster.
Last week, Berkshire Hathaway bought additional shares of Sirius XM, providing some stability to the company’s stock price. The shares have decreased by 50% this year due to anticipated lower sales.
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