Photo: Warren Buffett at 94 | By Daniel Jones, Consumer Editor For Dailymail.Com | Warren Buffett has upped his stake in another forgotten company recent days – and the share price has surged 12 percent since news broke.
The 94-year-old runs Berkshire Hathaway, which owns dozens of companies, including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
Known as the ‘Oracle of Omaha,’ Buffett – who is worth $148 billion – is one of the best-known investors of all time.
As a result, other investors – big and small – closely watch his moves for clues.
That’s why his interest in Sirius XM has piqued Wall Street’s curiosity. He first revealed a stake last year in satellite radio and streaming service.
Then between last Thursday and Monday, Berkshire bought another 2.3 million shares worth $54 million. Buffett’s company now owns more than a third of Sirius XM.
Since Berkshire already owned more than ten percent, it had to make the purchases pubic.
They did that on with a filing to regulators Monday evening – and, since then, the stock price has rise from $23 to $25.79, or 12 per cent.
Unlike traditional AM/FM radio Sirius XM requires a subscription, and works via satellite signals – making it accessible across the US and Canada, even in remote areas. It also offers a streaming service for mobile and smart devices.
The latest purchase came after Sirius XM Holdings on Friday reported fourth-quarter financial results that beat analyst estimates.
Berkshire now owns 119.8 million Sirius XM shares – or 35.4 percent of the company.
Sirius XM, which provides satellite radio and online radio services, has struggled, but is now investing heavily in its podcast platform.
Buffett had hoarded cash for most of 2024, and had a cash stockpile of $325 billion at the end of the third quarter.
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https://www.msn.com/en-us/money/topstocks/warren-buffett-snaps-up-35-percent-stake-in-once-huge-music-company-he-bets-is-making-a-comeback/