Warren Buffett’s Berkshire Hathaway cuts Apple stake by nearly 50%

CNN
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Warren Buffett’s Berkshire Hathaway has cut its stake in tech giant Apple by nearly 50%, according to Berkshire Hathaway’s second-quarter earnings report released Saturday.

Berkshire Hathaway disclosed that its Apple stake was valued at $84.2 billion at the end of the quarter, falling from 790 million shares to 400 million. The sharp sell-off is notable for Buffett, who is known for holding onto stocks for long periods.

Apple did not respond to CNN’s request for comment.

Berkshire Hathaway previously reduced its stake in Apple, which has a market capitalization of more than $3.3 trillion. In the last three months of 2023, Berkshire Hathaway sold 10 million Apple shares, about 1% of its stake in the company. In the first quarter of 2024, Berkshire is reducing its stake in Apple by 13%.

Meanwhile, the Omaha, Nebraska-based conglomerate reported a record cash pile of nearly $277 billion in the second quarter. Berkshire Hathaway reported about $189 billion in cash and equivalents in the first quarter.

Berkshire Hathaway sold $75.5 billion worth of stock in the second quarter. Along with Apple, Berkshire reduced its stake in the second-largest, Bank of America, to $41.1 billion.

The earnings report showed that about 72% of Berkshire’s total 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).