Feb 15, 2022 - Economy & Business

Buffett's Berkshire bought $1B Activision stake before Microsoft deal

 Warren Buffett  on the sidelines before the start of the NFL football game between the Arizona Cardinals and the Miami Dolphins on December 11, 2016 in Miami Gardens, FL.
Warren Buffett on the sidelines before the start of an NFL game between the Arizona Cardinals and the Miami Dolphins in 2016 in Miami Gardens, Fla. Photo: Doug Murray/Icon Sportswire via Getty Images

Warren Buffett's Berkshire Hathaway bought nearly $1 billion in shares in Activision Blizzard just before Microsoft agreed to buy the video game maker, according to documents filed to the Securities and Exchange Commission late Monday.

By the numbers: As of Dec. 31, Berkshire owned 14.7 million shares worth about $975 million of the Call of Duty maker, according to the filing.

Back story: Microsoft announced on Jan. 18 that it planned to purchase Activision Blizzard for $68.7 billion in cash, making it the tech giant's largest ever acquisition.

The big picture: Berkshire also increased its stake in oil company Chevron and reduced its holdings in Bristol-Myers Squibb, and Abbvie and other health care firms. Apple is still the company's biggest common stock holding.

The intrigue: It's unclear whether the 91-year-old businessman or one of his investment deputies moved to invest in Activision Blizzard.

  • It's also not clear whether Berkshire still owns the shares, given the date of the filings.

What to watch: Berkshire is expected to reveal further details on its stock "purchases, buybacks and cash" when it releases year-end results and Buffett's annual shareholder letter on Feb. 26, Reuters notes.

  • Representatives for Berkshire Hathaway could not immediately be reached for comment.

Editor's note: This a breaking news story. Please check back for updates.

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