Berkshire Hathaway, owned by retired billionaire Warren Buffett, acquired 17.9 million shares of Alphabet, Google's parent company, during the third quarter. At the same time, it further reduced its holdings in Bank of America and Apple. According to Friday's close, Berkshire's stake in Alphabet, which represents 0.31% of outstanding shares, is worth about $4.9 billion. The deal comes after Buffett, 95, announced his retirement as CEO at the end of the year, and the deal represents one of his efforts to deploy some of the cash Berkshire holds. Alphabet shares rose 1.6% to $280.86 in extended trading at 4:28 p.m. New York time.
