From CNBC: 2024-11-02 08:59:51

Warren Buffett sold a significant portion of Berkshire Hathaway’s Apple stake, reducing it by 67.2% from last year. The move began in 2023 and intensified in 2024, possibly due to high valuations and portfolio diversification. Berkshire’s cash reserves hit a record $325.2 billion in the third quarter.

Buffett hinted the Apple sell-off may be tax-related, speculating on potential capital gains tax hikes. Berkshire began buying Apple in 2016, a rare tech investment for Buffett. Despite once calling Apple a key asset, he now holds only 300 million shares, down from nearly half a billion. Apple shares are up 16% this year.

Read more: Berkshire Hathaway BRK earnings Q3 2024