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Warren Buffett’s Berkshire Hathaway sold nearly half its stake in Apple
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WARREN BUFFETT’S BERKSHIRE HATHAWAY SOLD NEARLY HALF ITS STAKE IN APPLE

Published Sat, Aug 3 20248:22 AM EDTUpdated Sat, Aug 3 20241:35 PM EDT
Yun Li@YunLi626
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In this article

 * AAPL+0.32 (+0.14%)

Follow your favorite stocksCREATE FREE ACCOUNT
Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders
ahead of their annual meeting in Omaha, Nebraska on May 3rd, 2024. 
David A. Grogan

Warren Buffett’s Berkshire Hathaway dumped nearly half of its gigantic Apple
stake last quarter in a surprising move for the famously long-term-focused
investor.

The Omaha-based conglomerate disclosed in its earnings filing that its holding
in the iPhone maker was valued at $84.2 billion at the end of the second
quarter, suggesting that the Oracle of Omaha offloaded a little more than 49% of
the tech stake. Even after the selling Apple remains the largest stock stake by
far for Berkshire.



The Apple share sale comes amid a broader pattern of selling by Buffett in the
second quarter as Berkshire unloaded more than $75 billion in equities in the
period, raising the conglomerate’s cash fortress to a record $277 billion.

Buffett had trimmed the Apple stake by 13% in the first quarter and hinted at
the Berkshire annual meeting in May that it was for tax reasons. Buffett noted
that selling “a little Apple” this year would benefit Berkshire shareholders in 
the long run if the tax on capital gains is raised down the road by a U.S.
government wanting to plug a climbing fiscal deficit.

But the magnitude of this selling suggests it could be more than just a
tax-saving move.

After declining in the first quarter on concerns it was falling behind on
artificial intelligence innovation, Apple shares took off in the second quarter,
gaining 23% to a new record as it gave more detail to investors about its future
in artificial intelligence.


WHY THE SELLING?

It won’t be clear exactly why Buffett is selling down the holding Berkshire
first bought more than eight years ago, whether company reasons, market
valuation or because of portfolio management concerns (Buffett typically doesn’t
want a single holding to grow too large). Berkshire’s Apple holding was once so
big that it took up half of its equity portfolio.


Stock Chart IconStock chart icon

Apple Inc
RT Quote | Last NASDAQ LS, VOL From CTA | USD
After Hours: Last | 08/23/24 EDT
227.16+0.32 (+0.14%)
226.84+2.31 (+1.03%)
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WATCHLIST+
Quote Details
Apple

The 93-year-old investor largely avoided technology companies for most of his
career before Apple. Berkshire began buying the stock in 2016 under the
influence of Buffett’s investing lieutenants Ted Weschler and Todd Combs. Over
the years, Buffett grew so fond of Apple that he increased the stake drastically
to make it Berkshire’s biggest and called the tech giant the second-most
important business after his cluster of insurers.

Buffett has been on a bit of a selling spree as of late with his top holdings.
Buffett recently starting downsizing his second biggest stake — Bank of America,
shedding $3.8 billion worth of the bank shares after a 12-day selling spree.

Overall, the quarterly report showed Buffett dumping stock last quarter, which
saw the S&P 500 rise to a record in anticipation of a “soft landing” for the
U.S. economy. That soft landing was called into question this week with Friday’s
weaker-than-expected July jobs report.


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