Warren Buffett sold more than $800 million worth of Apple stock last quarter
That might seem like a massive sale, but it's closer to a rounding error for the billionaire investor and Berkshire Hathaway CEO. Berkshire is Apple's biggest shareholder with a 5.4% stake worth $72 billion, according to Bloomberg data.
Buffett's lieutenants may have trimmed their stake in Apple for a few reasons. They may have wanted to diversify Berkshire's holdings, given the iPhone maker accounts for nearly 30% of its portfolio. Indeed, Berkshire made fresh investments inAlternatively, they may have wanted to cash out after Apple's stock surged by a third last quarter, from roughly $219 to $294. Depending on when they sold the 3.7 million Apple shares, they netted between $806 million and nearly $1.1 billion.
Buffett is unlikely to sell a significant amount of his Apple shares anytime soon, given his preference for long-term investing over a quick payday. He's also unlikely to buy more.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett revealed stakes in Kroger and Biogen, and the news added $2.5 billion to their market valuesThe famed investor's backing sent Kroger stock up 6% and Biogen stock up 2% in after-hours trading on Friday.
Read more »
Warren doubles down on a surprisingly risky pitch: Democratic unitySo far, primary season contenders vying to unite the left and middle have flopped. Heading into Nevada, the Massachusetts senator is gambling she can break that streak.
Read more »
A struggling Warren spends 30 minutes on the press busWhen Sen. Elizabeth Warren hopped on her press bus in Las Vegas Saturday, the national reporters who had covered her for months were nowhere to be seen. Instead, there were just five network embeds -- a sign of how much her political stature has suddenly fallen after a disappointing showing in Iowa and New Hampshire.
Read more »
Warren Buffett's son helps Colombia kick cocaine curseLoosening cocaine's grip on Colombia: Warren Buffet's son Howard has pledged to spend $200 million from his foundation to help one of the South American country's most-dangerous territories turn from coca cultivation to legal crops. APWeekendReads
Read more »
T-Mobile-Sprint merger just cleared its last hurdle - Business Insider - Business InsiderThe formation of New T-Mobile amid a time of flux in the US wireless market will have wide-ranging consequences for the US telecommunications space.
Read more »
Sneaker reseller who made six figures last year shares spreadsheet - Business InsiderA 24-year-old entrepreneur who said he made $110,000 reselling sneakers last year revealed his detailed spreadsheet for organizing and growing his business
Read more »