Warren Buffett Sells Half His Apple Stake: Stock Value Soars to ₹23.20 Lakh Crore
American Billionaire Warren Buffett’s Company Berkshire Hathaway Inc. Sells Nearly 50% Stake in Apple
American billionaire and investor Warren Buffett’s company, Berkshire Hathaway Inc., has sold nearly 50% of its stake in iPhone manufacturer Apple. Following this sale, Buffett’s cash stockpile has increased to a record $276.9 billion (approximately ₹23.20 lakh crore).
No Information on Exact Number of Shares Sold
The exact number of shares sold by the company has not been disclosed. However, it is estimated that Berkshire’s investment in Apple stood at $84.2 billion (around ₹7.05 lakh crore) by the end of the second quarter. At the end of the first quarter, Buffett held Apple shares worth $135.4 billion (approximately ₹11.34 lakh crore).
Berkshire Sold Shares Worth ₹6.32 Lakh Crore
Buffett’s company has also reduced its shareholding in several other companies. During the second quarter, the company sold shares worth a total of $75.5 billion (approximately ₹6.32 lakh crore).
As a result, its operating income has increased from last year’s $10 billion (approximately ₹83,767 crore) to $11.6 billion (approximately ₹97,170 crore). This information was provided by the Omaha, Nebraska-based conglomerate on Saturday.
Possible Recession Concerns in the U.S.
Many experts believe that this record sale by Berkshire could be due to concerns about an impending recession in the U.S. The company focused on reducing its stake in several companies and increasing its cash reserves during the last quarter. The American stock market has seen significant declines during recent trading sessions.
Warren Buffett is the World’s 7th Richest Person
According to Forbes’ Real-Time Billionaire List, Warren Buffett’s personal net worth is ₹11.29 lakh crore. Buffett, aged 93, is one of the world’s largest investors. Tesla owner Elon Musk tops the list of the richest individuals with a fortune of ₹19.05 lakh crore.
U.S. Market Declines on Friday
On August 1, the U.S. market’s Dow Jones closed 1.21% lower at 40,347. NASDAQ closed 2.30% lower at 17,194. The S&P 500 declined by 1.37%. Additionally, declines were also observed in Asian markets. Japan’s Nikkei fell by 5.81%, Hong Kong’s Hang Seng by 2.08%, and China’s Shanghai Composite by 0.92%.
