Billionaire Warren Buffett revealed that his investment company, Berkshire Hathaway, offloaded its shares in Paramount — and it’ll cost them.
During the company’s annual shareholder meeting on Saturday, Buffett took responsibility for selling Berkshire’s stake in the entertainment company.
“I was 100% responsible for the Paramount decision,” Buffett told attendees. “It was 100% my decision, and we’ve sold it all, and we lost quite a bit of money. That happens in this business.”
Saturday’s meeting marked Buffett’s first Annual Shareholder meeting without Vice Chairman Charlie Munger, who passed away in November last year.
Related: Paramount Is Laying Off Hundreds of Employees Just Days After ‘Blockbuster’ Super Bowl LVIII Success
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