HP soars to a record after Buffett reveals stake

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STORY: Shares of HP soared to a record high on Thursday after Warren Buffett revealed that Berkshire Hathaway had taken an 11% stake in the company valued at about $4.2 billion.

The move makes Buffett the largest shareholder in the PC and printer-maker with nearly 121 million shares, including 11 million purchased this week.

It's also Buffett's third big bet in the last month, committing about $22 billion to major new investments, including a 14.6% stake in Occidental Petroleum and buying insurer Alleghany for $11.6 billion, Berkshire's largest acquisition since 2016.

Buffett's company also owns a more than $160 billion stake in Apple, Berkshire’s single biggest outside holding.

HP has benefited from increased demand as people spend more time working and going to school from home.

In a statement, HP said "Berkshire Hathaway is one of the world's most respected investors and we welcome them as an investor."

Berkshire did not immediately respond to requests for comment.