AP Photo/Nati Harnik Warren Buffett says goodbye to Tesco. Warren Buffett is pulling out of Tesco after acknowledging that investing in Britain's biggest supermarket chain, and the world's second-biggest retailer, was a huge mistake, the FT reported.
Buffett owned 3.97% of Tesco at the beginning of October, but the FT understands he is reducing his stake below 3%.
This comes at the end of a troubled period for Tesco, whose share price is at an 11-month low.
Ten of the company's senior executives have either resigned or been asked to leave since the company acknowledged that it overestimated profits by £250 million ($316 million). A forensic examination on the accounts is roiling the company, and senior execs' laptops are being confiscated for investigation right before Christmas time, when the company is busiest.
Buffett first entered in Tesco in 2007 and has lost more than $700 million in the investment, CNBC wrote in September.
NOW WATCH: Ikea Says Its New Furniture Takes Only 5 Minutes To Assemble — Here's The Truth
More From Business Insider