Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.
David A. Grogen | CNBC
OMAHA, Neb. — Warren Buffett revealed that he dumped Berkshire Hathaway’s entire Paramount stake at a loss.
“I was 100% responsible for the Paramount decision,” Buffett said at Berkshire’s annual shareholder meeting. “It was 100% my decision, and we’ve sold it all and we lost quite a bit of money.”
Berkshire owned 63.3 million shares of Paramount as of the end of 2023, after cutting the position by about a third in the fourth quarter of last year, according to latest filings.
The Omaha-based conglomerate first bought a nonvoting stake in Paramount’s class B shares in the first quarter of 2022. Since then the media company has had a tough ride, experiencing a dividend cut, earnings miss and a CEO exit. The stock declined 44% in 2022 and another 12% in 2023.
Paramount
Just this week, Sony Pictures and private equity firm Apollo Global Management sent a letter to the Paramount board expressing interest in acquiring the company for about $26 billion. The firm has also been having takeover talks with David Ellison’s Skydance Media.
Paramount has struggled in recent years, suffering from declining revenue as more consumers abandon traditional pay-TV, and as its streaming services continue to lose money. The stock is in the red again this year, down nearly 13%.
Buffett said the unfruitful Paramount bet made him think more deeply about what people prioritize in their leisure time. He previously said the streaming industry has too many players seeking viewer dollars, causing a stiff price war.
Third Point’s Dan Loeb revealed that he has dumped almost all of his positions in the so-called Magnificent 7 stocks after their huge run-up that’s been dented this year from the stock market tariff turmoil. “What we have done in the last few months is number one shifted away from those easy sale candidates of stocks that had been the big winners but that are the easiest to sell from a technical standpoint from people who are repatriating their capital and getting out,” Loeb spoke at the Economic Club of New York Tuesday in an interview with CNBC’s Andrew Ross Sorkin . “We sold out of our Mag 7 holdings. Early on we got out of Meta, and reduced our Amazon. We got out of basically all of them. I still have a small Amazon position. I think as a strategy what we’re looking at is event-driven strategies and activism,” Loeb said. The Magnificent 7 — Amazon , Microsoft , Meta , Alphabet , Apple , Nvidia and Tesla — has led the market drawdown in 2025 after a two-year monster run. Tesla has been the worst performer this year, down more than 40%, while Amazon, Alphabet and Apple have all declined about 20%. Concern about AI overspending hit the stocks initially this year, followed by tariffs from President Donald Trump causing investors to further reduce exposure to the names. The popular hedge fund manager said he’s leaning further into credit, especially private credit where he sees “massive” opportunities. Loeb also opined on the recent market turmoil triggered by Trump. He said the sentiment on wall street has switched from a sense of optimism at the start of Trump’s term to a feeling of uncertainty and fear of its potential lasting impact. “I think there will be a residual concern about some of the capriciousness with which some of these issues have been dealt with and confidence in the rule of law, in expectations being met,” Loeb said. “I would not underestimate the resilience of the American economy,” Loeb added, however. Last year, Loeb said investments in the “physical world” were attractive as market narrative was dominated by Mag 7 stocks. He gave examples such as aggregates, nuclear power, life science tools, specialty alloy manufacturers and commercial aerospace manufacturers. — CNBC’s Jacqueline Corba contributed reporting.
Check out the companies making headlines in extended trading. Tesla — Shares were marginally lower in extended trading after first-quarter results missed analyst estimates on the top and bottom line. The electric vehicle company earned an adjusted 27 cents per share on revenue of $19.34 billion, while analysts polled by LSEG were looking for 39 cents per share in earnings and $21.11 billion in revenue. Enphase Energy — The energy technology company sank more than 12% after first-quarter results missed Wall Street estimates. Enphase reported adjusted earnings of 68 cents per share on revenue of $356 million, while analysts surveyed by LSEG forecast earnings of 70 cents per share and $361 million in revenue. The low end of Enphase’s second-quarter revenue outlook also fell short of analyst estimates. Intuitive Surgical — The biotechnology stock lost almost 6%. The company warned that its non-GAAP gross profit margin for 2025 will range from 65% to 66.5% of revenue, down from 69.1% in 2024, reflecting estimated impacts from tariffs . The outlook overshadowed beats on the top and bottom line for the first quarter. SAP — The software stock gained nearly 7% on the heels of a first-quarter earnings beat. The company earned an adjusted $1.44 per share, while analysts surveyed polled by LSEG were looking for $1.32 per share. Oklo — The nuclear technology company pulled back nearly 11% following news that OpenAI CEO and Oklo chairman Sam Altman is stepping down from the startup . The move is widely expected to give Oklo increased flexibility to pursue partnerships with hyperscalers including OpenAI. Packaging Corp of America — The manufacturing stock slipped more than 5% after the company’s second-quarter earnings outlook missed analyst estimates. PKG forecasts earnings of $2.41 per share for the current quarter, while analysts polled by FactSet were looking for $2.63 per share. Bristol Myers Squibb — The biopharmaceutical giant tumbled nearly 6%. The company said that a Phase 3 trial of its drug Cobenfy failed to show a statistically significant result when used as a supplemental treatment for adults with schizophrenia. Manhattan Associates — The supply chain software provider rallied 6% after first-quarter earnings of $1.19 per share topped consensus Street estimates of $1.03 per share, according to FactSet. Non-GAAP operating margin and software license, maintenance and services revenue all exceeded what analysts were expecting, per StreetAccount. — CNBC’s Darla Mercado and Scott Schnipper contributed reporting. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
SpaceX CEO Elon Musk attends a cabinet meeting held by U.S. President Donald Trump at the White House on March 24, 2025.
Win McNamee | Getty Images
The broad public and investors have something in common these days: They don’t have a lot of love for either Tesla or CEO Elon Musk.
Tesla’s stock has undergone a withering sell-off, and the CNBC All-America Economic survey finds more than 47% of the public have a negative view of the company. Another 27% are positive on the electric vehicle maker, while 24% are neutral. That compares with a third of the public who have a positive view of General Motors with 51% neutral and 10% negative.
Tesla has been under pressure with concern that its founder’s controversial political activities in cutting government employment and backing President Donald Trump and Republicans could be alienating prospective buyers. Protests have sprung up across the nation at Tesla offices.
The survey found Musk to be a highly polarizing figure. Half of the public has a negative view of Musk, compared with 36% who see him positively and 16% who are neutral. Among Democrats, Musk’s net approval (positive minus negative) is -82 and -49 for independents. GOP respondents are +56.
The biggest problem for Tesla may be that many groups who are potential customers are far more positive about electric vehicles than they are about the company.
“Where Tesla is strongest is among the people least likely to buy an EV,” said Micah Roberts, partner at Public Opinion Strategies, the Republican pollster for the survey.
Overall, 35% of Americans are negative on EVs and 33% are positive. Men, however, are +11 in net approval of EVs but evenly divided on Tesla. Young people aged 18-34 are +19 on EV’s but -23 on Tesla. The gap is most stark among Democrats, who are +20 on EV’s but -74 on Tesla.
Further complicating the issue: Republicans are strongly positive on Tesla, but net negative on EV’s.
The survey of 1,000 people nationwide was conducted April 9 through April 13 and has a margin of error of +/-3.1%.