Warren Buffett sold 13 percent of Apple shares

Famous investor Warren Buffett announced that he sold 13 percent of his Apple shares in the first quarter of 2024. The statement came at the weekend event of Buffett’s company, Berkshire Hathaway. Although Buffett sold approximately 115 million shares, he stated that his trust and loyalty to Apple continues.

Apple CEO Tim Cook, who attended Berkshire Hathaway’s weekend event, also praised Buffett’s faith in Apple. According to Berkshire’s first quarter report, the value of Apple shares held by the company is at $135.4 billion. This means that Berkshire currently owns approximately 790 million Apple shares and 115 million shares have been divested. Despite the sale, there is no change in Berkshire Hathaway’s status as Apple’s largest shareholder.

Speaking at Berkshire Hathaway’s meeting, Buffett also praised Apple and said that Apple was a “better business” than the company’s two other major investments, American Express and Coca-Cola. Buffett did not neglect to reassure investors with the following words: “Unless there is a dramatic development that will really change the capital allocation, our biggest investment will be Apple.”

Buffett did not provide clear information about why Apple shares were sold. However, he signaled with his words that he wanted to strengthen his cash position for tax-related reasons: “I don’t mind doing that at all. I hope that if you think about the dozens of things America has done for all of you, it won’t bother you that I did the same with 21 percent this year. So I don’t think you’ll actually mind if we sold some Apple stock.”

Apple CEO Tim Cook, who attended the Berkshire Hathaway meeting, stated that it was a privilege for Buffett’s company to be among Apple’s shareholders.

Warren Buffett had sold Apple shares before

Warren Buffett previously sold approximately 10 million Apple shares in 2020 and later stated that this decision was “probably a mistake.” In the fourth quarter of 2023, it disposed of 1 percent of its Apple shares.