Buffett ally cuts his stake in Alibaba by almost half

Charlie Munger's Daily Journal media corporation had over 602,000 subscribers in its portfolio.shares of Alibaba - at the end of 2021, it almost doubled its stake in the Chinese company Alibaba BABA$101.45 -2.97% Buy JD.com JD $56.95 -0,26% Buy Baidu BIDU$134.8 -0,8% Buy

Media Corporation Daily Journal has reduced its stake in the Chinese Internet giant Alibaba by almost half, follows from a document filed with the US Securities and Exchange Commission ( SEC). One of the Daily Journal's portfolio managers is Charlie Munger.

As of the end of March, the corporation owned 300,000 Alibaba shares worth over $32.6 million, and at the end of 2021, it had over 602,000 securities worth $71.5 million in its portfolio. Thus, it sold off half of the shares.

The remaining positions in the Daily Journal portfolio remained unchanged:

Bank of America - 2.3 million securities;

Wells Fargo - 1.59 million securities;

US Bancorp - 140 thousand securities;

Posco - 9.7 thousand securities.

Long-time Buffett associate almost doubles his stake in Alibaba Alibaba, Investments, Charlie Munger,  CHINA

In the fourth quarter of 2021, the media corporation increased its stake in Alibaba by 99.3% by purchasing 300,000 shares of the company. The Daily Journal first acquired Alibaba shares in the first quarter of last year, 165,000 shares worth about $37 million.

From the beginning of 2022 to April 8, Alibaba's stock on the New York Stock Exchange has decreased by 12.85%. In 2021, the company's shares also fell due to pressure from Chinese regulators. During the year, US-listed securities lost more than 48% of their value.

Charlie Munger, 98, is vice chairman of the board of directors of Berkshire Hathaway and a longtime associate of investor Warren Buffett   . He bought the Daily Journal in 1977 and turned it into a major publishing company. He was also Chairman of the Board of Directors of the Daily Journal.

At the end of March, it became known that he would step down from this post, but would remain on the board of directors and "continue to pay special attention to issues that he has dealt with in the past, including the company's securities portfolio."

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American businessman and one of the most famous investors in the world. Principal owner and CEO of Berkshire Hathaway investment holding.