Finance

Warren Buffett’s Berkshire Hathaway scoops up more Sirius XM, boosting stake to 35%

Published

4 months ago

February 4, 2025

Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024.

David A. Grogan

Warren Buffett’s Berkshire Hathaway once again scooped up shares of Sirius XM, boosting its stake in the satellite radio company to over 35%.

The Omaha, Nebraska-based conglomerate purchased roughly 2.3 million shares for about $54 million in separate transactions Thursday through Monday, according to a filing with the Securities and Exchange Commission Monday evening. Berkshire now owns 35.4% of SiriusXM.

Berkshire first bought Liberty Media’s trackers in 2016 and started piling into SiriusXM’s tracking stocks in the beginning of 2024 in a likely merger arbitrage play. Billionaire John Malone’s Liberty Media completed its deal in early September to combine its tracking stocks with the rest of the radio company, as part of the reshuffling of his sprawling media empire. There was also a split-off of the Atlanta Braves baseball team into a separate, publicly traded company, which Berkshire also owns shares in.

SiriusXM

Buffett has yet to mention the Siri bet publicly, and it’s not clear if the 94-year-old investor was behind it or if it’s the work of his investing lieutenants, either Ted Weschler or Todd Combs. Berkshire also purchased about 5 million shares in December.

SiriusXM had a rough 2024 with shares down a whopping 58% as the company grappled with subscriber losses and unfavorable demographic shifts. It’s not a favored stock on Wall Street. Out of the 16 analysts covering Siri, only three gave it a buy rating, according to FactSet.

The stock is up about 5% in the new year.

Finance

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Published

2 hours ago

June 13, 2025

Business Finance News

Finance

Trump CFPB cuts reviewed by Fed inspector general

Published

22 hours ago

June 12, 2025

Business Finance News

Director of the Office of Management and Budget (OMB) Russell Vought attends a cabinet meeting at the White House in Washington, D.C., U.S., April 10, 2025.

Nathan Howard | Reuters

The Federal Reserve’s inspector general is reviewing the Trump administration’s attempts to lay off nearly all Consumer Financial Protection Bureau employees and cancel the agency’s contracts, CNBC has learned.

The inspector general’s office told Sen. Elizabeth Warren, D-Mass., and Sen. Andy Kim, D-N.J., that it was taking up their request to investigate the moves of the consumer agency’s new leadership, according to a June 6 letter seen by CNBC.

“We had already initiated work to review workforce reductions at the CFPB” in response to an earlier request from lawmakers, acting Inspector General Fred Gibson said in the letter. “We are expanding that work to include the CFPB’s canceled contracts.”

The letter confirms that key oversight arms of the U.S. government are now examining the whirlwind of activity at the bureau after Trump’s acting CFPB head Russell Vought took over in February. Vought told employees to halt work, while he and operatives from Elon Musk‘s Department of Government Efficiency sought to lay off most of the agency’s staff and end contracts with external providers.

That prompted Warren and Kim to ask the Fed inspector general and the Government Accountability Office to review the legality of Vought’s actions and the extent to which they hindered the CFPB’s mission. The GAO told the lawmakers in April that it would examine the matter.

“As Trump dismantles vital public services, an independent OIG investigation is essential to understand the damage done by this administration at the CFPB and ensure it can still fulfill its mandate to work on the people’s behalf and hold companies who try to cheat and scam them accountable,” Kim told CNBC in a statement.

The Fed IG office serves as an independent watchdog over both the Fed and the CFPB, and has the power to examine agency records, issue subpoenas and interview personnel. It can also refer criminal matters to the Department of Justice.

Soon after his inauguration, Trump fired more than 17 inspectors general across federal agencies. Spared in that purge was Michael Horowitz, the IG for the Justice Department since 2012, who this month was named the incoming watchdog for the Fed and CFPB.

Horowitz, who begins in his new role at the end of this month, was reportedly praised by Trump supporters for uncovering problems with the FBI’s handling of its probe into Trump’s 2016 campaign.

Meanwhile, the fate of the CFPB hinges on a looming decision from a federal appeals court. Judges temporarily halted Vought’s efforts to lay off employees, but are now considering the Trump administration’s appeal over its plans for the agency.