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China EV maker BYD stock falls on speculation Buffett will sell shares

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Yahoo Finance's Pras Subramanian discusses rumors that Warren Buffett has plans to sell shares of BYD stock.

Video Transcript

- I want to shift gears now over to BYD. Apparently that company moving on speculation that Warren Buffett might be exiting his stake in that company. We're seeing shares down almost 12%. What's the story there?

PRAS SUBRAMANIAN: Yeah, you know, watching the shares there in Hong Kong, very interesting story to watch here. First reported by Bloomberg and FT that a huge block sale had been recorded in the system that records the kind of clearinghouse shares down in Hong Kong. Speculation that it's Warren Buffett's Berkshire Hathaway stake on 20% of shares. This is a huge, huge block there. So it's kind of spooking investors down there.

Is he really going to exit? There's no indication that he wanted to. He famously bought into his company in '09 and made a ton of money with that trade. So no indication that he wants to sell, but just the fact that a huge sell order kind of in the books, they think it might be him.

We'll see. Things are definitely changing. BYD is the number one EV maker in China. So it's still like a trade, I think, that he would want to be part of. But we're just sort of waiting to hear more, any disclosures perhaps on what's going on there exactly.

- Yeah they've got a huge factory out in California, right? I mean, Warren Buffett is-- they have used the Buffett name at least to really expand their business in the US.

PRAS SUBRAMANIAN: And, you know, in Asia, Buffett is like a god. So just the fact that he's-- that imprimatur of him being there is like a big deal for that company too.