Berkshire Hathaway's (BRK.A, BRK.B) second 13F filing of the Greg Abel CEO era came with a big surprise in a massive expansion of its Alphabet (GOOG) stake.
Warren Buffett's investing juggernaut raised its position by 83% to nearly 106 million shares worth $38 billion, making Google's parent its third-largest stock holding behind Apple (AAPL) and American Express (AXP).
Tucked inside that Alphabet bet is an unexpected connection to Elon Musk's SpaceX (SPCX).
Buffett never invested in SpaceX or Tesla (TSLA), despite Musk courting his backing for years.
On the flip side, Alphabet has been a major investor in SpaceX since 2015, and as of June 30, it owned nearly 4% of SpaceX, a position valued at $94 billion, according to Reuters.
In essence, Buffett might have finally been part of Musk's empire, just not in the way either man might have expected.
Berkshire Hathaway didn't buy into SpaceX directly.
Instead, its exposure comes through a "look-through stake," which is basically the economic interest Berkshire owns in assets held by one of its portfolio companies.
In this case, that company is Google-parent Alphabet.
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Berkshire disclosed a 0.9% stake in Alphabet, valued at about $38 billion, at the end of Q2. Alphabet, meanwhile, reported owning about 4% of SpaceX, a position valued at $94 billion as of June 30.
A Business Insider report applied Berkshire's proportional ownership of Alphabet to Alphabet's SpaceX stake.
On that basis, Berkshire's indirect interest in SpaceX came up to $815 million at quarter-end, equivalent to 0.04% of SpaceX. Following the drop in the value of Alphabet and SpaceX shares, the outlet estimated that exposure was closer to $700 million by the close on Aug. 18.
