Warren Buffett at Berkshire Hathaway’s annual assembly in Los Angeles, California. Might 1, 2021.

Gerard Miller | CNBC

Warren Buffett’s Berkshire Hathaway made a $500 million funding within the mother or father firm of Nubank, a privately held digital financial institution based mostly in Brazil, the South American company announced on Tuesday.

Nubank, which was based in 2013, made its first look on CNBC’s Disruptor 50 checklist earlier this 12 months. The corporate stated it has roughly 40 million clients.

The corporate’s CEO instructed the Wall Street Journal that an preliminary public providing will not be at present deliberate however is probably going sooner or later.

Buffett is not any stranger to investing in monetary corporations, as conventional banks and insurance coverage firms make up a big portion of Berkshire’s funding portfolio. Nevertheless, Buffett had bought almost all of his stake in Wells Fargo by the top of the primary quarter, in keeping with securities filings.

Berkshire’s class B shares have been little modified on Tuesday morning following the announcement. The inventory has risen almost 25% 12 months thus far.

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