Berkshire Hathaway Inc slashed its stake in Apple Inc by almost 50 per cent as part of a massive second-quarter selling spree that sent billionaire Warren Buffett’s cash pile to a record $276.9 billion. In all, Berkshire sold $75.5 billion worth of stock on a net basis in the period, the Omaha, Nebraska-based conglomerate reported Saturday. Since Berkshire first disclosed its Apple stake in 2016, Buffett has ridden the gains to accumulate a massive paper profit. Berkshire had spent just $31.1 billion for the 908 million of Apple shares it held through the end of 2021. Edward Jones’s Shanahan said the scale of Buffett’s Apple selling in the second quarter indicates that the legendary investor may not be done yet.

Source: The Hindu August 05, 2024 06:56 UTC