A filing with the SEC shows that Warren Buffett’s company, Berkshire Hathaway, cut its position in Apple by about half, to $84.2 billion.
Even though the company still has a lot of Apple stock, Buffett cut his holdings in it by 13% earlier this year, indicating that he wasn’t against selling “a little Apple” for tax reasons.
The Financial Times calculated that Berkshire Hathaway made a lot of money on the sale. Before starting to buy Apple stock in 2016, Buffett had mostly avoided tech investments. This could mean that Buffett no longer believes in Apple, or he could just be in the mood to sell because he has been doing so with other stocks as well, like $3.8 billion worth of shares in Bank of America.
The filing comes after Apple reported its earnings for the third quarter on Thursday. iPad growth was one bright spot, but global iPhone sales fell for the second quarter in a row, in part because of competition from Huawei in China.
CEO Tim Cook said that the company has been getting ready to launch Apple Intelligence, which is a set of AI features that will be available in the fall.
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