Warren Buffett has executed one of his sharpest portfolio pivots in years, dumping 77% of Berkshire Hathaway's Amazon stake while quietly building a position in what sources describe as a "digital media juggernaut" — a stock the 95-year-old billionaire reportedly uses himself and has already made money on.

The move, disclosed in Berkshire's latest regulatory filings, represents a dramatic reversal for a company that took years to warm up to Amazon in the first place. Berkshire first bought Amazon shares in 2019, a decision Buffett famously delegated to his investment lieutenants Todd Combs and Ted Weschler after decades of avoiding technology stocks.

Now, with Amazon shares trading near all-time highs, Buffett has cashed out the bulk of that position. The timing suggests either profit-taking after a strong run or a fundamental reassessment of the e-commerce giant's valuation — or both.

The Amazon Exit

Berkshire's Amazon stake peaked at approximately 10 million shares in early 2025, according to securities filings. The recent sale reduced that position to roughly 2.3 million shares, a reduction of about 7.7 million shares worth an estimated $1.4 billion at current prices.

The sale comes as Amazon trades at elevated price-to-earnings multiples compared to historical norms, driven by optimism around its cloud computing division AWS and its artificial intelligence initiatives. While Berkshire doesn't comment on specific trading decisions between quarterly earnings calls, the scale of the reduction speaks to a clear strategic shift.

Buffett has long preached the virtues of holding quality businesses "forever," making such a substantial exit noteworthy. His most famous positions — Coca-Cola, American Express, and until recently, Apple — have been held for decades. The Amazon sale suggests either the stock exceeded his price targets or no longer fits Berkshire's evolving strategy.

The Mystery Media Play

More intriguing than the Amazon exit is what Buffett bought instead. While the specific company hasn't been publicly identified — Berkshire has requested confidential treatment for certain new positions to avoid copycat buying while it builds the stake — sources familiar with the matter describe it as a major player in digital media.

According to reporting from The Motley Fool, Buffett personally uses the product or service, and Berkshire has already recorded gains on the position despite its recent initiation. That combination — personal familiarity and quick profits — fits Buffett's investment philosophy of buying businesses he understands at attractive prices.

The profile suggests a company with strong brand recognition, pricing power, and the kind of economic moat Buffett prizes. Digital media companies that fit this description and trade at reasonable valuations remain relatively rare, making the identity of the stock a subject of intense speculation among Berkshire watchers.

A Shifting Technology Strategy

The portfolio shuffle reflects Buffett's evolving relationship with technology stocks. For most of his career, he avoided the sector entirely, citing his lack of competitive advantage in evaluating businesses he didn't fully understand. That changed gradually over the past decade.

Berkshire's massive Apple position, built starting in 2016, became the conglomerate's largest single stock holding and one of its most profitable investments ever. However, Buffett has been trimming that stake as well over the past year, reducing Berkshire's Apple holdings by approximately 30% since mid-2025.

The pattern suggests Buffett is becoming more tactical with technology positions, willing to buy them but also willing to sell when valuations stretch or better opportunities emerge. This represents a departure from his traditional buy-and-hold approach, though it aligns with his oft-repeated maxim about being "fearful when others are greedy."

What It Means for Investors

For investors who follow Berkshire's moves, the Amazon sale serves as a reminder that even Buffett's positions aren't permanent. The company's 13-F filings, released quarterly, offer a window into how one of history's most successful investors is positioning for current market conditions.

The shift from Amazon to an unnamed media company also highlights Buffett's continuing search for value in unexpected places. While much of the market has piled into artificial intelligence stocks and mega-cap technology names, Buffett appears to be zigging where others zag — a strategy that has served him well over six decades.

Berkshire Hathaway's next earnings call, scheduled for early May, may provide additional color on the rationale behind these moves. Until then, investors are left to parse the filings and speculate on what Buffett sees that the market might be missing.

One thing remains clear: at 95, Warren Buffett is still actively managing one of the world's largest investment portfolios, and he's not afraid to make big moves when he spots opportunity — or overvaluation.