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Charlie Munger’s Daily Journal nearly doubles stake in China’s Alibaba -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Charlie Munger, Vice Chairman of Berkshire Hathaway, walks by a crowd during the Berkshire shareholder day, Omaha, Nebraska U.S.A, May 3. 2019. REUTERS/Scott Morgan

(Reuters) – Daily Journal Corp. Charlie Munger, Warren Buffett’s business partner, has almost doubled its stake at Chinese ecommerce giant. Alibaba Group Holding.

According to Daily Journal, the U.S. company increased its stake by 99.3% and now holds 602,060 American Depository Shares. The increase was made as of December 31, according to a regulatory filing. This makes the stake approximately $72 million.

Munger (98) has been a long-time bullisher on China. Berkshire Hathaway vice chair (NYSE:), had previously praised Chinese authorities for cracking down on Jack Ma’s Ant Group. The fintech titan was whose record-breaking $37 billion IPO in November 2020 was halted when regulators discovered it.

China’s tech giants are under severe regulatory pressure and have been subject to major penalties, including Alibaba being fined $2.75 Billion for antimonopoly violations.

Alibaba shares listed in America had lost 48% in value in 2021 amid fierce competition, slowing economies, and regulatory crackdown.

The shares closed 0.7% lower at $119.56 on Tuesday.

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