Charlie Munger's Daily Journal nearly doubles stake in China's Alibaba
Reuters2022-01-05
Jan 4 (Reuters) - Daily Journal Corp, the publishing and technology company in which Warren Buffett's longtime business partner Charlie Munger is chairman, said it has nearly doubled its stake in Chinese e-commerce giant Alibaba Group Holding.
The U.S. company raised its holding by 99.3% to 602,060 sponsored American Depository Shares as of Dec. 31, Daily Journal said in a regulatory filing on Tuesday, making the stake worth about $72 million as of Jan. 4.
Munger, 98, has long been bullish on China.
Alibaba's U.S.-listed shares had in 2021 lost more than 48% of their value.
On Tuesday, the shares pared losses and closed down 0.7% at $119.56.
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