Berkshire halves Apple stake, boosts cash to $277 billion even as operating profit sets record
) soar to nearly $277 billion and selling a large chunk of its stake in Apple, even as the conglomerate posted a record quarterly operating profit.) in the second quarter, on top of 115 million shares from January to March, as Apple's stock price rose 23%. It still owned about 400 million shares worth $84.2 billion as of June 30.
Nearly half of that profit came from underwriting and investments in Berkshire's insurance businesses. Berkshire often lets cash build up when it can't find whole businesses or individual stocks to buy at fair prices. "We'd love to spend it, but we won't spend it unless we think we're doing something that has very little risk and can make us a lot of money," Buffett said at Berkshire's May 4 annual meeting, referring to Berkshire's cash.
He said at the meeting that he expected Apple to remain Berkshire's largest stock investment, but selling made sense because the 21% federal tax rate on the gains would likely grow.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett raises Berkshire cash level to record $277 billion after slashing stock holdingsBerkshire Hathaway's cash pile swelled to a record $276.9 billion as Warren Buffett continued dumping his one-time favorite Apple stake.
Read more »
Warren Buffett raises Berkshire cash level to record $277 billion after slashing stock holdingsBerkshire Hathaway’s cash pile swelled to a record $276.9 billion as Warren Buffett continued dumping his one-time favorite Apple stake.
Read more »
With $277 Million In New Funding, This Startup Hopes To Unlock The Secrets Of BiologyAlex Knapp is a senior editor covering healthcare, science, and cutting edge technology who joined Forbes in 2011. He's written dozens of profiles of entrepreneurs across a variety of fields and done deep dives into technological trends from superconductors to space travel to pharmaceuticals.
Read more »
Best Apple Deals on Amazon: Shop Apple AirTags, Apple AirPods Max Headphones and MoreBring home some of Apple's most in-demand tech products at great prices from Amazon.
Read more »
Apple Loop: iPhone 16 Pro Specs, Apple Watch Design Leaks, Paying For Apple’s AII am known for my strong views on mobile technology, online media, and the effect this has on the public conscious and existing businesses.
Read more »
Apple Loop: iPhone 16 Pro Specs, Apple Watch 10 Design Leaks, Paying For Apple’s AII am known for my strong views on mobile technology, online media, and the effect this has on the public conscious and existing businesses.
Read more »