Warren Buffett once said, "The most important thing to do if you find yourself in a hole is to stop digging." That's precisely what he did with his position in Verizon (NYSE: VZ).

Warren Buffett, through Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), owns many stocks. However, one stock he and the company no longer owns is Verizon. After initiating a position in Verizon in the fourth quarter of 2020, the Oracle of Omaha has completely sold his $70 million position in the telecom giant.  

This sell-off is a continuation of a process initiated in the first quarter, as this position was worth just under $8.4 billion before the selling began. However, after purchasing 159 million shares in early 2021 and late 2020 for around $59 per share and then selling for about $53, this position lost Berkshire money -- even when dividends are added in.

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Source Fool.com