Legendary investor Warren Buffett, said that his investing company, Berkshire Hathaway, has purchased almost 9.9 million shares of Apple (AAPL) stock.
This seems to be the first time Warren Buffett has ever invested in the tech company. Buffet purchased the stock at approximately $109 a share in the first quarter. Unfortunately for Buffet, the value of this investment has dropped a bit with the slowdown of Apple in general, that we talked about here. The original value of Buffett’s investment was close to about $1 billion dollars. Since Apple stock prices have dropped to just about $90 dollars a share, Berkshire Hathaway’s shares of Apple is now worth short of $900 million.
Apple stock shares climb out of the hole a bit after Warren Buffett buys a large stake
With the news of this share acquisition, Apple stock price has rebounded a bit, once again putting it ahead of Google‘s parent company, Alphabet, into the most valued Company on the planet. The two tech giants have been going back and forth for months to see who is the bigger company in market cap size. This is the second major purchase by Berkshire Hathaway, which has recently grown its stake in computer company IBM. Berkshire Hathaway is also supposedly looking at a takeover of Yahoo, which is now considered a subpar company. Warren Buffett’s company also has holdings in various companies from Coca-Cola, American Express, Kraft Heinz, and Wells Fargo. News has recently broke that fellow billionaire investor, Carl Icahn, has sold its entire portfolio of Apple, which we talked about here.
In similar news, Apple has reportedly invested $1 billion in a Chinese ridesharing service similar to Uber, which we also talked about here.