Warren Buffett disclosed to the world that his relationship with General Electric was over yesterday.
In an SEC filing, Buffett’s Berkshire Hathaway disclosed that it had sold its entire stake in GE in the second quarter. The move is sending GE lower by 0.43% in early trading Tuesday.
GE has been sliding nearly all year. Jeff Immelt stepped down as CEO earlier than expected at the beginning of August, leaving the former head of GE’s healthcare business, John Flannery, to captain the company.
Investors had been publicly wondering if it was Immelt’s time to go as the company’s stock failed to gain any momentum in a recent bull market. Over the last three years under Immelt, GE shares were down 1.19%, as the S&P 500 is up 26.13% over the same period.
Buffett decided it was time to exit his position. The SEC filing disclosing the divestiture reflects second quarter positions, so Buffett could have divested at any point in those three months and could have changed his position since the filing was submitted.
GE is down 20.3% this year and trading at about $US25.35.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.