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SiriusXM Holdings Stock Is Rising Monday: What's Going On?
Buffett increased his stake in the satellite broadcasting company SiriusXM to 32%.
Last week, Warren Buffett's Berkshire Hathaway company spent about $87 million in multiple trades to buy approximately 3.6 million shares of SiriusXM stocks, increasing its shareholding to 32%. Despite facing issues such as user attrition and insufficient growth potential, Berkshire may be interested in the merger arbitrage opportunity, hence choosing to continue investing. The news of increased shareholding caused SiriusXM's stock price to rise more than 9.3% during Monday's trading.
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