Anika Begay
Warren Buffett’s Berkshire Hathaway has cut its stake in Apple by about half, to $84.2 billion, according to a document filed with the SEC.
While Apple remains by far the company’s largest shareholding, Buffett had already reduced his stake by 13 percent earlier this year, suggesting he didn’t mind selling “a little bit of Apple” for tax reasons.
Berkshire Hathaway made a huge profit on the sale, according to calculations by the Financial Times; Buffett had largely avoided technology investments before he started buying Apple shares in 2016. This could be a sign that Buffett has lost some faith in Apple, or he may simply be in a short-selling mood: he has also sold other stocks, such as $3.8 billion in Bank of America shares.
The announcement comes after Apple reported its third-quarter earnings on Thursday, with iPad growth a strong point while global iPhone sales fell for the second straight quarter, partly due to competition in China from the likes of Huawei.
CEO Tim Cook said the company has diverted resources to prepare for the launch of Apple Intelligence, a suite of artificial intelligence features it plans to release this fall.
