- Berkshire Hathaway reduced its Apple stake again in the third quarter of 2024.
- Warren Buffett’s company has now cut its shares in Apple by two-thirds over the last year.
- Buffett has sold off other large holdings, growing his cash stockpile to $325 billion.
Warren Buffett’s Berkshire Hathaway has cut its stake in Apple — again.
Berkshire Hathaway reduced its holdings in the iPhone maker to just under $70 billion, according to its third-quarter earnings report, which was published Saturday.
The Omaha-based holdings company has been slowly cutting its shares in Apple since 2023. It had about $174.3 billion invested in the company at the end of 2023 — which means it has cut its stake by about two-thirds over the past year.
Berkshire Hathaway has consistently sold shares and grown its cash stockpile over the last year. Buffett has also sold large chunks of his Bank of America holdings, another of his biggest stakes, over the last year. The company is now sitting on over $325 billion in cash.
Berkshire Hathaway has not said why it is selling off shares of Apple. At a Berkshire annual meeting in May, Buffett hinted that he was selling shares for tax reasons, anticipating that the US government could raise the tax on capital gains, which is profit earned on the sale of an asset, CNBC reported.
