Overview

• Berkshire Hathaway disclosed a 5 million-share stake in UnitedHealth in mid-August, lifting the stock nearly 14% to about $309 for its biggest single-day gain since October 2008.
• Major investors beyond Berkshire — including Soros’s family office and BlueCrest Capital — also increased their positions following the insurer’s shares plunging earlier this year.
• UnitedHealth’s stock has fallen roughly 40% in 2025 as higher medical-cost ratios and reimbursement shifts led to two consecutive quarterly earnings misses.
• The company reinstated a trimmed 2025 profit outlook last month but warned that billions in additional healthcare expenses are expected over the coming quarters.
• Federal inquiries into Medicare Advantage billing and broader CMS audits remain unresolved pressures on UnitedHealth’s operations and reputation.