Amazon Stock Jumps After ‘Idiot’ Warren Buffett Reveals Berkshire Stake
Amazon shares rallied after Warren Buffett revealed that Berkshire Hathaway had capitulated to market pressure and piled into AMZN. | Source: i ( SAUL LOEB / AFP), ii (REUTERS/Rick Wilking/Files). Image Edited by CCN.
As of this writing, Amazon stock was trading at $1,961, up 3.19%, on above-average volume of 4.85 million shares. Average daily trading volume is 4.17 million shares.
Buffett: ‘I’ve Been an Idiot for Not Buying Sooner’
On Friday morning, Amazon stock climbed 2.5% in pre-market trading after Buffett told CNBC yesterday that he had underestimated billionaire Jeff Bezos and his relentless will to dominate the market.
“I’ve been a fan, and I’ve been an idiot for not buying [Amazon stock sooner]. But I want you to know it’s no personality changes taking place.”
Buffett says his multi-national holding company, Berkshire Hathaway, has been quietly buying up Amazon shares. Those purchases will show up in an SEC filing later this month.
“One of the fellows in the office that manage money bought some Amazon, so it will show up in the 13F.”
— Bloomberg (@business) May 3, 2019
Warren Buffett: Amazon Exceeded My Expectations
This is not the first time that Warren Buffett has expressed remorse for overlooking Amazon’s vast potential and not investing in it earlier.