Berkshire Hathaway Chairman, Warren Buffet, said he has sold off all his shares in US retail giant, Walmart.
Buffet’s stake in Walmart was estimated to be about $5 billion.
However, Buffett has long highlighted the vulnerability of iconic retailers, citing Sears, F.W. Woolworth and Montgomery Ward as merchants that lost their dominant positions.
Recently, Buffet has raised alerts on the threat from companies like Amazon that sell everything from food to clothes and electronic gadgets online. While Buffett is known for sticking with stocks like Coca-Cola Co. for decades, he’s not wedded to favourites when circumstances change.
Buffett has a long history with Walmart, buying its McLane food-distribution business in 2003. Berkshire disclosed a stake of 19.9 million shares in 2005 and doubled the holding by the end of 2009.
His exit from the retail giant marks the end of two decades of a strong relationship that saw Buffet becoming an influential figure on the global retail scene.