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Warren Buffett Just Invested $87 Million in an Unlikely Stock

He increased his holdings tenfold.

By Cassandra Yorgey , Edited by Laura Ratliff

Updated Oct. 21, 2024

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Warren Buffett is one of the world's most renowned investors, and he just made a surprising major portfolio move that's worth taking a look at. He made a major investment in one company while selling a substantial number of shares in another.

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Who is Warren Buffett?

Warren Buffett is Chairman and CEO of Berkshire Hathaway and is estimated to be the 10th richest person in the world. His investment strategy is based on value investing, a paradigm fueled by purchasing underpriced securities.

That usually means he believes the stock is worth more than the current market pricing when he makes a big move.

His latest significant investment is a surprise move, but it could mean he believes the company is undervalued. Learn which company just received his $87 million investment.

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Winner: Sirius XM

Last week, the world learned through an SEC filing that Buffett had purchased 36 million shares of Sirius XM (NASDAQ: SIRI) between Oct. 9-11. Total purchase price for all those shares was around $87 million.

Sirius is a satellite radio radio company. They recently announced several large content exclusives including an agreement to bring Alex Cooper's popular "Call Her Daddy" podcast to the Sirius platform in 2025. Cooper's show is currently available on Spotify.

This latest filing puts Buffett's stake in the company at at 108.7 million shares. He has steadily increased his investment in the satellite radio company since 2016.

Loser: Bank of America

On the other hand, Buffett has been ditching shares of Bank of America (NYSE: BAC) lately. He sold 9.5 million shares over three days earlier this month and he's been steadily selling the stock since July. In total, Berkshire Hathaway has sold off $10.5 billion worth of BAC shares.

We don't know exactly why Buffett is selling the stock, but it could have to do with falling interest rates. Banks earn less on their holdings when interest rates fall.

Bottom line

If you want to make money moves like one of the wealthiest men on earth, it's worth knowing where he is putting his money.

Of course, there is no guarantee when it comes to investing, and we cannot recommend that anyone imitate Buffett. The best investments are the ones that make sense for you.

However, Buffett's moves indicate the direction of the economic winds, and new investors are always encouraged to do their research to determine what's best for them.

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Who is Warren Buffett?

Winner: Sirius XM

Loser: Bank of America

Bottom line

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