#1 2024-08-03 13:23:50
Warren Buffett’s Berkshire Hathaway cuts stake in Apple by nearly 50%
By Robert Ilich, CNN
Updated: 10:57 AM EDT, Sat August 3, 2024
Source: CNN
Warren Buffett’s Berkshire Hathaway slashed its stake in tech giant Apple by nearly 50%, according to Berkshire’s second quarter earnings report released on Saturday.
Berkshire Hathaway disclosed its holdings in Apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares to 400 million shares. The sharp selloff is notable for Buffett, who is known for holding onto stocks for long periods of time.
Apple did not respond to CNN’s request for comment.
Berkshire Hathaway has previously downsized its stake Apple, which has a market cap over $3.3 trillion. In the final three months of 2023, Berkshire Hathaway sold off 10 million shares of Apple stock, representing about 1% of its holdings in the company. In the first quarter of 2024, Berkshire cuts its stake in Apple by 13%.
Meanwhile, the Omaha, Nebraska-based conglomerate reported a record cash pile of nearly $277 billion for the second quarter. Berkshire Hathaway reported about $189 billion in cash and equivalents in the first quarter.
Berkshire Hathaway sold off $75.5 billion in stock in the second quarter. Along with Apple, Berkshire cut its stake in its second largest position, Bank of America, to $41.1 billion.
The earnings report showed that approximately 72% of Berkshire’s aggregate fair value is concentrated in five companies: American Express ($35.1 billion), Apple ($84.2 billion), Bank of America ($41.1 billion), Coca-Cola ($25.5 billion) and Chevron ($18.6 billion).
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#2 2024-08-03 16:28:03
What does a company like that do with $277 billion? I have to imagine that amount of cash could just end hunger in the US...
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#3 2024-08-03 21:51:00
They throw it into the oven to make more pie for every investor. One share of Berkshire Hathaway Inc Class A stock currently goes for $641,435.00.
One. Single. Share.
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#4 2024-08-03 23:49:16
Look, if you find the entry fee a bit steep to play on the Oracle of Omaha's yard, there are other Wizards to get in bed with. You could do much worse than these folks!
"Customers don't want to follow the hero, they want to be the hero"
Traders have invested $55 million using an app that helps them to copy congressional stock portfolios
Pelosi's reported trades increased 45% in value in 2023. Crenshaw's increased in value by 41%.
"That's why we're doing this," Josephs, the Autopilot spokesperson, said. "Honestly, it's partly to continue holding their feet to the fire. We're not going away.
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#5 2024-08-04 10:54:49
I have both an IRA and a 401(k), both of which I will probably cash in if Donald returns office to give billionaires another tax break. They both dropped 20% when that happened and it's taking most of the Biden administration to get that back.
I also invest in Fundrise, it's a crowdfunded private lending for market investments like real estate. venture capital, and private credit. It started out as mostly lending to home and business construction projects. The project ends, we get paid back. We also get dividends which can be paid out or reinvested.
I've been tempted to short Truth Social when it gets pumped up to $40 or $50 but it's too volatile and way overly manipulated. Be my luck some trillionaire would buy up all the outstanding shares just to screw the shorts not long after I bought.
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