ALBAWABA - Warren Buffett, the American businessman and investor, announced selling his Berkshire Hathaway, the multinational conglomerate holding company, shares in Apple company. Buffett sold half of stakes in the company which was estimated for nearly $76 billion.
Berkshire Hathaway's Apple shares decline due to Warren Buffett
Berkshire Hathaway sold 390 million of its Apple shares, mostly half of their original stake, according to Financial Times. Hathaway's Apple shares declined to nearly $50 billion, recording $84.2 billion in the second quarter of 2024.
It is worth noting that Buffet started reducing Berkshire’s stake in Apple last year but accelerated the process in 2024. Buffet said he believes Apple will remain one of the company’s most important long-term investments besides Coca-Cola and American Express.
Berkshire Hathaway sold 390 million of its Apple shares, mostly half of their original shares, according to Financial Times. (Shutterstock)
Recently, Berkshire Hathaway sold almost $3.8 billion worth of Bank of America shares for 12 consecutive trading days. Analysts believe these sales reduced Berkshire’s stake in Bank of America by 12.1%.
Cathy Seifert, an analyst at CFRA Research, said: "If you look at the entire Berkshire picture and the macroeconomic data, a safe conclusion is that Berkshire is getting defensive."
The company is adopting this new strategy due to Buffet’s concerns about the state of the American economy and the high stock market valuations.
