World Street | Aramco's stock surge, Buffett raises stake, Elliott to shake up Southwest Airlines, Elon's mega millions, and more

Global Buyers Snap Up Aramco's Offer

Shares of Saudi Aramco surged on Sunday after a stock sale expected to raise approximately $11.2 billion for the state oil company. About 60 percent of the shares were allocated to foreign investors, a shift from Aramco's 2019 listing, which was primarily bought by domestic investors.

According to sources, the sale saw strong demand from the US and Europe, with significant interest from funds in the UK, Hong Kong, and Japan, accumulating over $65 billion in orders.

Kia Issues Recall

Kia America is recalling over 450,000 Telluride SUVs due to a potential fire risk, whether parked or in motion. Owners are urged to park these vehicles outdoors, away from buildings and other cars until repairs are made.

The problem lies with the front power-seat motor, which can overheat if the slide knob is stuck, potentially leading to a fire and posing an injury risk.

Buffett Ups Stake

From June 5 to 7, Warren Buffett's Berkshire Hathaway bought about 2.57 million shares of Occidental Petroleum, according to a U.S. securities filing. This purchase, worth over $150 million, brings Berkshire's total holdings to around 250.6 million shares. As of March, Berkshire owned roughly 28 percent of Occidental.

Southwest Airlines in Focus

Elliott Investment Management has acquired a nearly $2 billion stake in Southwest Airlines and intends to advocate for changes within the company, according to the Wall Street Journal.

The size of the holding makes the activist firm one of the largest investors in Dallas-based Southwest, the Journal reported Sunday, citing people with knowledge of the matter. Elliott plans to engage with management at Southwest, which has a market capitalization of $16.6 billion.