Warren Buffett, the world’s tenth richest, and Berkshire Hathaway have reduced their stake in Apple to $69.9 billion during the third quarter, raising their cash to a record $325.2 billion, while the company’s operating profit fell.
In its quarterly report on Saturday, Berkshire indicated that it sold about 100 million Apple shares, confirming that its big bet for years is no longer what it was. In just over a year, Buffett has dumped nearly two-thirds of his stake in the tech company, which at its peak in 2023 represented $178 billion of the company’s stock portfolio.
In addition, the large industrial conglomerate also revealed this Saturday that it has reduced several billion dollars of Bank of America shares.
Where I said I say…
The sales of the technology company’s shares represent a drastic change by Buffett, who in 2022 described Apple as one of Berkshire’s “four giants”, which represent most of the company’s value.
At the company’s May shareholder meeting, he described the iPhone maker as “an even better business” than Coca-Cola and American Express, two of Berkshire’s longtime holdings. “Unless something dramatic happens that really changes the capital allocation strategy, Apple will be our largest investment,” Buffett told shareholders at the time.
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