Warren Buffett’s Berkshire Hathaway sold a third of its stake in VeriSign for $1.23 billion, reducing its ownership to 9.6%. Shares fell over 7% after the sale, with 515,032 more shares potentially being sold. The move was to avoid regulatory obligations. VeriSign shares had risen significantly since Berkshire’s initial investment in 2012. Berkshire’s intentions with the stock remain uncertain. Buffett’s company has diversified investments, including technology companies managed by Todd Combs and Ted Weschler. Berkshire’s cash reserves were $347.7 billion in March. Buffett has led the conglomerate since 1965, owning close to 200 businesses and stocks like Apple and American Express.

Read more at Yahoo Finance: VeriSign falls after Buffett’s Berkshire sells $1.23 billion stock