Winning Bizness Desk
Mumbai. Warren Buffett’s investment firm, Berkshire Hathaway Inc., has once again reduced its stake in Apple, selling 25% of its holdings. Following this sale, Buffett’s cash reserves hit an impressive $325.2 billion (approximately ₹27.36 lakh crore) in the third quarter. Berkshire Hathaway announced this news on November 2, stating that the company’s remaining stake in Apple is now worth $69.9 billion, down from $84.2 billion in the previous quarter. Berkshire first invested in Apple in 2016 and owned Apple shares valued at $31.1 billion by the end of 2021.
Recent Sales and Record Cash Stock
In the third quarter, Berkshire was a net seller of shares, selling $34.6 billion in total. Three months ago, Buffett had already offloaded nearly 50% of his Apple holdings, boosting his cash reserves to $276.9 billion at the time. At the close of the first quarter, Berkshire held $135.4 billion worth of Apple shares, but its stake dropped in the second quarter to $84.2 billion. In addition to Apple, Berkshire also reduced its holdings in several other companies earlier this year, totaling sales worth $75.5 billion in the second quarter alone.
Berkshire’s Market Cap Surpasses $1 Trillion
As part of its cash management, Buffett’s firm has occasionally repurchased its stock, although Berkshire declined stock buybacks last quarter for the first time since it revised its policy in 2018. The company’s market cap hit $1 trillion for the first time on August 28, thanks to a 25% increase in its stock value this year, raising its market value to $974.3 billion. However, Berkshire has faced challenges in its primary insurance group, where underwriting income saw a 69% drop from $2.4 billion a year ago to $750 million.
Buffett Holds Steady as World’s 6th Wealthiest
Warren Buffett, 94, continues to be among the wealthiest people globally, ranked 6th with a net worth of ₹11.96 lakh crore, according to Forbes’ real-time billionaire list. Topping the list is Tesla’s Elon Musk, with a net worth of ₹22.15 lakh crore.
