Warren Buffett halves his Apple stake in $116 billion stock sell-off

Berkshire Hathaway’s cash position hit a record $US276.9 billion ($A425 billion) in the second quarter, after billionaire Warren Buffett cut his stake in Apple by almost 50 percent and continued to hold off on acquisitions.

The company’s second-quarter operating profit rose to $11.6 billion, compared with $10 billion for the same period a year earlier. Berkshire sold a total of $75.5 billion ($116 billion) of shares in the second quarter on a net basis.

Bloomberg and Reuters