Warren Buffett Dumps Struggling General Electric Company (GE)


Chinese electric vehicle maker BYD is seeking to expand in the US market, the company's CEO told CNBC.

The Oracle of Omaha, through his Berkshire Hathaway holding company, sold off his entire $315.4 million stake in General Electric in the second quarter, according to quarterly filings with the Securities & Exchange Commission (SEC).

Buffett's financial moves are closely watched by Wall Street.

Berkshire had previously held 10.4 million shares in the U.S. industrial giant, according to earlier securities filings. Berkshire Hathaway decreased its holdings in IBM and Wells Fargo while increasing its BNY Mellon, General Motors and Apple positions.

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Buffett built a 17.46 million share stake in Synchrony Financial (SYF) valued at almost $518 million at Monday's closing price of $29.64.

Shares in GE dipped 0.4 percent in after-hours trading to $25.27, while Synchrony rose 4.4 percent to $30.95.

The firm owned about 10.6 million shares in the company.

GE has been hurt by weakness in its oil and gas business.