The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Warren Buffett’s Berkshire Hathaway sold nearly half its stake in Apple

by admin August 6, 2024
August 6, 2024
Warren Buffett’s Berkshire Hathaway sold nearly half its stake in Apple

Warren Buffett’s Berkshire Hathaway dumped nearly half of its gigantic Apple stake last quarter in a surprising move for the famously long-term-focused investor.

The Omaha-based conglomerate disclosed in its earnings filing that its holding in the iPhone maker was valued at $84.2 billion at the end of the second quarter, suggesting that the Oracle of Omaha offloaded a little more than 49% of the tech stake. Even after the selling Apple remains the largest stock stake by far for Berkshire.

The Apple share sale comes amid a broader pattern of selling by Buffett in the second quarter as Berkshire unloaded more than $75 billion in equities in the period, raising the conglomerate’s cash fortress to a record $277 billion.

Buffett had trimmed the Apple stake by 13% in the first quarter and hinted at the Berkshire annual meeting in May that it was for tax reasons. Buffett noted that selling “a little Apple” this year would benefit Berkshire shareholders in the long run if the tax on capital gains is raised down the road by a U.S. government wanting to plug a climbing fiscal deficit.

But the magnitude of this selling suggests it could be more than just a tax-saving move.

After declining in the first quarter on concerns it was falling behind on artificial intelligence innovation, Apple shares took off in the second quarter, gaining 23% to a new record as it gave more detail to investors about its future in artificial intelligence.

It won’t be clear exactly why Buffett is selling down the holding Berkshire first bought more than eight years ago, whether company reasons, market valuation or because of portfolio management concerns (Buffett typically doesn’t want a single holding to grow too large). Berkshire’s Apple holding was once so big that it took up half of its equity portfolio.

The 93-year-old investor largely avoided technology companies for most of his career before Apple. Berkshire began buying the stock in 2016 under the influence of Buffett’s investing lieutenants Ted Weschler and Todd Combs. Over the years, Buffett grew so fond of Apple that he increased the stake drastically to make it Berkshire’s biggest and called the tech giant the second-most important business after his cluster of insurers.

Buffett has been on a bit of a selling spree as of late with his top holdings. Buffett recently starting downsizing his second biggest stake — Bank of America, shedding $3.8 billion worth of the bank shares after a 12-day selling spree.

Overall, the quarterly report showed Buffett dumping stock last quarter, which saw the S&P 500 rise to a record in anticipation of a “soft landing” for the U.S. economy. That soft landing was called into question this week with Friday’s weaker-than-expected July jobs report.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Business is good in ‘Vacationland.’ It would be even better with more housing.
next post
Israel strike in Lebanon reportedly kills 4 Hezbollah operatives as region braces for possible Iran attack

Related Posts

Dick’s Sporting Goods stands by full-year guidance —...

May 29, 2025

Bruce Nordstrom, who helped grow family-led department store...

May 20, 2024

Procter & Gamble to cut 7,000 jobs as...

June 8, 2025

Workers earning up to $58K a year could...

April 26, 2024

Target says Pride collection will appear in ‘select’...

May 14, 2024

Texas AG wins $1.4B settlement from Facebook-parent Meta...

July 31, 2024

Wayfair CEO likens home goods slowdown to 2008...

August 2, 2024

OpenAI closes funding at $157 billion valuation as...

October 3, 2024

Why Honeywell CEO Vimal Kapur doesn’t think the...

October 15, 2024

Fox streaming service to be called Fox One,...

May 13, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

      June 30, 2025
    • Breakdown of NVDA’s Stock Price and S&P 500: Actionable Technical Insights

      June 30, 2025
    • Thom Tillis announces retirement from Senate after clash with Trump

      June 30, 2025
    • SCOOP: House Republican eyes bid for Thom Tillis Senate seat after Trump attack

      June 30, 2025
    • Dem delay tactic ends, debate begins on Trump’s ‘big, beautiful bill’

      June 30, 2025
    • GOP, Dem senators remain divided over Medicaid after Trump’s ‘big, beautiful bill’ vote

      June 30, 2025

    Categories

    • Business (1,272)
    • Politics (3,873)
    • Stocks (1,477)
    • Uncategorized (45)
    • World News (1,265)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved