Buffett buys back record $5.1 billion in Berkshire stock as coronavirus hits operating earnings
Gerard Miller | CNBC
The company said it repurchased $5.1 billion worth in stock in May and June. Berkshire repurchased more than $4.6 billion of its Class B stock and about $486.6 million in Class A shares.
The share repurchase is the most ever in a single period for Buffett, nearly double the $2.2 billion the conglomerate bought back in the final quarter of 2019. In fact, the amount is slightly more than what Buffett spent buying back Berkshire stock in all of 2019. Despite the company’s record buybacks last quarter, the Berkshire’s cash hoard grew to more than $140 billion.
Berkshire Class A and Class B shares plunged more than 19% in the …continued .
[Source: CNBC News]