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Buffett Bought Even More Activision Stock as Arbitrage Play

  • CEO discloses boosted bet at annual shareholder meeting
  • Berkshire had previously held a small stake in company
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WATCH: Warren Buffett’s Berkshire Hathaway is back buying up other company’s shares. Katherine Chiglinsky reports.Source: Bloomberg

Warren Buffett snapped up more Activision Blizzard Inc. stock in a merger arbitrage bet, as Microsoft Corp. pursues its deal to buy the video-game maker in what would be one of the largest mergers in U.S. history.

His Berkshire Hathaway Inc. now owns about 9.5% of the company’s stock, Buffett said Saturday at his annual meeting in Omaha, Nebraska. That’s up from the roughly 1.87% stake the company held at the end of 2021, according to its latest 13F filing, a portion acquired by one of Buffett’s investing deputies, Todd Combs or Ted Weschler.