Warren Buffett Just Cut Half of Berkshire Hathaway's Stake in Apple. Why?
Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO Warren Buffett once referred in 2020 to Apple (NASDAQ: AAPL) as Berkshire's third business, following its insurance arm and the BNSF railroad. However, that may not be the case for much longer.
The Buffett-led conglomerate unwound a large chunk of its stake in the iPhone maker in the second quarter, the company revealed in its recent earnings report. Berkshire cut its holdings in Apple from $135.4 billion at the end of the first quarter to $84.2 billion at the end of the second quarter.
Apple stock also soared by 23% during the second quarter. If you assume the sale came toward the end of the quarter, Berkshire dumped roughly half of its Apple shares. Berkshire had begun selling Apple in the first quarter, and the value of its stake in the tech giant is down 56% from the end of 2023, when it was worth $174.3 billion.
Source Fool.com
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