Warren Buffett slashed his holding of Taiwan Semiconductor Manufacturing Co. just months after disclosing a major stake, an unusually quick reversal by the legendary stock picker that’s chilling investor sentiment toward the chip giant, reports Bloomberg.
Buffett’s Berkshire Hathaway cut its holding of TSMC’s American depositary receipts by 86% last quarter, according to the latest filing. Assuming it sold them at the average price over the period, the stake sale would have fetched $3.7 billion.
Shares of the world’s largest chip foundry slid as much as 4% in Taipei following the news, amid broad market losses. TSMC had jumped in November amid news that Buffett had acquired a stake worth about $5 billion, and it’s still up more than 40% from an October low.
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