After saying that he made a “huge mistake” by investing in the firm, Warren Buffett is now decreasing Berkshire Hathaway’s stake in grocery giant Tesco.
Earlier in October, Buffett told CNBC that he had made a huge mistake by taking a big stake in Tesco, which has been hit hard by plunging profits and an accounting scandal, Financial Times reports. At that time, Berkshire had a stake of about 4% in the retailer. In a recent regulatory filing, Tesco said Berkshire’s stake was down to under 3%.
Berkshire began buying Tesco shares in 2007. Overall it invested $2.35 billion in the firm, amounting to a 5.2% stake at the peak.