FX.co ★ Warren Buffett's Berkshire Hathaway Cuts Stake In Apple

Warren Buffett's company, Berkshire Hathaway, has reportedly sold a portion of its substantial shares in technology giant, Apple Inc., due to tax-related matters. According to Berkshire's first-quarter earnings report, as of March 31, 2024, its Apple Inc. stake was worth $135.4 billion, a decline from the $174.3 billion valuation as of December 31, 2023.

Buffett, during Berkshire Hathaway's annual shareholders meeting, mentioned the sale was a result of significant gains hence attributable to tax reasons. He also expressed a high likelihood of Apple Inc., continuing to be Berkshire's largest holding by the end of 2024. Notably, outside of exchange-traded fund providers, Berkshire remains Apple's largest shareholder.

The Berkshire mogul had previously dubbed the tech behemoth as his second-most significant business after Berkshire. Previously, the Omaha-based firm had also reduced its Apple stock holdings in the fourth quarter, releasing about 10 million shares: approximately 1% of its stake.

On their part, Apple last week announced that its board had approved an unprecedented $110 billion in share buybacks. Despite recording decreased revenue in its second quarter, Apple's earnings exceeded market predictions, registering a total of $23.64 billion, equating to $1.53 per share as compared to $24.16 billion, or $1.52 per share the previous year. However, it's worth noting that the company's revenue for the same quarter diminished by 4.3% to reach $90.75 billion from last year's $94.84 billion.