Buffett's Berkshire Hathaway reduces stake in Activision Blizzard
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Billionaire Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) reduced its stake in Activision Blizzard (NASDAQ:ATVI).Berkshire Hathaway reduced its stake to 1.9% from 6.7% in February, according to a 13D filing from the famed investor.
Berkshire Hathaway (BRK.A) originally accumulated the stake in Activision (ATVI) on a bet that the videogame maker's $69 billion sale to Microsoft (NASDAQ:MSFT) would be completed.
When Berkshire (NYSE:BRK.B) made its first investment in the gaming company Activision (ATVI), shares were in the $60s, Buffett said last April at his investment firm's annual meeting.
"If the deal goes through, we make some money and if the deal doesnât go through, who knows what happens," Buffett said at the time.
The Buffett reduced stake comes as the $69 billion sale of Activision (ATVI) to Microsoft (MSFT) may be completed by Tuesday after the U.S. Federal Trade Commission lost a challenge last week to have the deal stopped. Tuesday is the deadline for the deal to be terminated, and the parties can walk away, renegotiate, or extend the deal.
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