Berkshire Hathaway Sold 13% of Apple Shares in Q1 2024, Still Warren Buffett Reaffirmed His Commitment to AAPL Going Forward, Says Report
Warren Buffett's Berkshire Hathaway Sold 13% of its Apple Holdings, still showed signs of investment in the future. Berkshire Hathaway also sold AAPL shares previously in 2020 and 2023. Check more details.
New York, May 5: Warren Buffett's Berkshire Hathaway is one of the top 10 companies in the world. Recently, it was reported that Berkshire Hathaway's operating earnings increased by 39% to $11.22 billion compared to the previous year. A report said that Warren Buffett's Berkshire Hathaway sold 13% of Apple shares in Q1 2024.
According to the report by 9to5Mac, Warren Buffett showed his commitment to go forward with the AAPL in the future even after selling around 115 million shares. On the other hand, the report said that while on his trip to Omaha for Berkshire's annual meeting, Apple CEO Tim Cook praised Warren Buffett for believing in his company. Apple WWDC 2024: Tech Giant To Unveil AI-Powered Siri, Safari and Several New Features in Upcoming iOS 18 Update; Here’s Everything To Know.
The report mentioned that Warren Buffet also praised Apple during the annual meeting of Berkshire Hathaway held on Saturday. He reportedly called Apple "an even better business" than American Express and Coca-Cola. Warren Buffett also encouraged investors to keep Apple as their large investment option unless some dramatic situation changes capital allocation. Buffett said, "We will have Apple as our largest investment."
Why did Warren Buffett Sell 13% of its Apple Holdings in the First Quarter of 2024?
Warren Buffett did not mention specific details about selling the 13% of Apple shares in Q1 2024; however, he implied that it was done to increase its cash stake for tax. The report highlighted that Buffett said, "I don't think you'll mind that we sold a little Apple this year". In 2020, Warren Buffett reportedly sold 10 million AAPL shares, which he later called a mistake. Elon Musk’s SpaceX Unveils New Extravehicular Activity Spacesuit, Aims To Offer Mobility, Flexibility and Comfort to Astronauts (Watch Video).
In Q3 2023, Berkshire Hathaway also sold 10 million AAPL shares, about 1%. The report said Berkshire's reduction of Apple's stake will mark a second consecutive quarter. Despite selling millions of AAPL shares, Warren Buffett showed optimism about investing in Apple in the coming years; however, it will be seen in the future.
(The above story first appeared on LatestLY on May 05, 2024 11:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).