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Buffett Finally Embraces Amazon as Berkshire Acquires Stake

  • Billionaire tells CNBC that a deputy made the purchase
  • Buffett says he was an ‘idiot’ for ignoring Amazon so long
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Buffett told CNBC that a deputy made the purchase. Bloomberg Intelligence’s Matthew Bloxham reports.Source: Bloomberg
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Warren Buffett has said that he underestimated Inc.’s Jeff Bezos. Now one of Buffett’s deputies is willing to put money behind the tech giant.

Berkshire Hathaway Inc. has been buying Amazon shares and the purchases will show up in a regulatory filing later this month, Buffett told CNBC in an interview Thursday. Buffett, Berkshire’s chairman and chief executive officer, said “one of the fellows in the office that manage money” made the purchases, a reference to investment managers Todd Combs and Ted Weschler.