Warren Buffett’s Berkshire Hathaway slashes Apple stake by nearly half – UPI.com
Warren Buffett’s Berkshire Hathaway has significantly reduced its stake in tech giant Apple, cutting it by nearly 50%, as revealed in Berkshire’s second-quarter earnings report released on Saturday.
At the end of the quarter, Berkshire Hathaway reported its Apple holdings were valued at $84.2 billion, a sharp decrease from 790 million shares to 400 million shares. This substantial selloff is surprising given Buffett’s reputation for long-term investments.
Apple did not respond to CNN’s request for comment.
This isn’t the first time Berkshire Hathaway has reduced its Apple stake, which is notable given Apple’s market cap of over $3.3 trillion. In the last quarter of 2023, Berkshire sold 10 million shares, about 1% of its Apple holdings. In the first quarter of 2024, the stake was further reduced by 13%.
Meanwhile, the Omaha-based conglomerate reported a record cash reserve of nearly $277 billion for the second quarter, up from about $189 billion in the first quarter.
During the second quarter, Berkshire Hathaway sold off $75.5 billion in stocks. Alongside Apple, Berkshire also reduced its stake in Bank of America, its second-largest position, to $41.1 billion.
The earnings report highlighted that approximately 72% of Berkshire’s aggregate fair value is concentrated in five companies: American Express ($35.1 billion), Apple ($84.2 billion), Bank of America ($41.1 billion), Coca-Cola ($25.5 billion), and Chevron ($18.6 billion).
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