Billionaire Warren Buffett sells $76 billion in Apple stock
Renowned billionaire investor Warren Buffett has sold nearly half of Berkshire Hathaway's Apple shares. According to a report by the FT, the $76 billion stock sale has pushed the company's cash holdings to a record level.
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Warren Buffett's company, Berkshire Hathaway, has sold $76 billion worth of Apple stock. The company reduced its position in Apple by more than $50 billion in the second quarter, bringing it down to $84.2 billion. According to calculations by the Financial Times, the data indicates that Berkshire sold approximately 390 million Apple shares, or about half of its holdings.
CASH HOLDINGS ROSE TO $277 BILLION
The stock sales increased Berkshire's cash holdings by $88 billion compared to the previous quarter, reaching a record level of $277 billion. Buffett began reducing Berkshire's Apple shares late last year and accelerated the pace of sales in early 2024. In May, he signaled to shareholders that he believes Apple will remain one of the holding company's largest assets, placing it alongside core long-term investments like Coca-Cola and American Express.
'APPLE WILL BE OUR LARGEST INVESTMENT'
At the company's annual meeting in May, Buffett said, "Unless something dramatic happens that really changes the capital allocation strategy, Apple will be our largest investment. But under current conditions, there is no harm in building a cash position."