Buffett's successor abandons Amazon – and invests in a new technology company

Greg Abel, Warren Buffett's successor in managing Berkshire Hathaway, sold all of the company's holdings in Amazon and invested $930 million in the technology company Bending Spoons. The investment was made in two stages: $600 million in the IPO and $330 million in a private investment. The value of the holding rose to approximately $1.4 billion.

Greg Abel, Warren Buffett's successor in managing Berkshire Hathaway, is making a dramatic change in the corporation's investment strategy. He sold all of the company's holdings in Amazon, which were worth about $2.2 billion, and invested $930 million in the technology company Bending Spoons. The investment was made in two stages: $600 million in an initial public offering (IPO) and an additional $330 million in a private investment. As of the end of October, the value of the holding rose to approximately $1.4 billion. Bending Spoons acquires technology companies and uses artificial intelligence to improve their performance; among its notable acquisitions are AOL and Vimeo. The reasons for selling Amazon may be profit-taking or the departure of investment manager Todd Combs. The move signals a renewed focus by Berkshire on technology and artificial intelligence.