The Clap
HP shares had their best day in two years as Warren Buffet’s Berkshire Hathaway bought an 11.4% stake in the PC & printer maker.
The deets
HP’s stock rally yesterday raised the value of Berkshire’s stake by about $650 million to $4.85 billion.
Why this matters
The market’s reaction to Berkshire’s stake shows how much investors still pay attention to Buffett’s moves.
Sounds familiar?
This isn’t the first time this week that a prominent figure bought a large stake in a major company. Just a few days earlier, Elon Musk became Twitter’s largest shareholder & board member, giving the social platform’s shares their best day since the IPO.
