- Berkshire Hathaway reported it raised its stake in Apple by 3%.
- Apple’s stock fell despite the news.
- Warren Buffett has famously rejected investing in technology companies, but invested in Apple in 2016.
- To see Apple’s stock price move, click here.
Apple‘s stock slipped after Warren Buffett’s Berkshire Hathaway reported it raised its stake in Apple by 3% in the third quarter, according to a regulatory filing released on Tuesday.
With the additional 3%, or 134 million outstanding shares, the conglomerate is now the fifth-largest owner of Apple’s outstanding shares, according to Bloomberg data. Apple’s stock is down 0.91% at $US169.78 after the news.
The billionaire investor has famously shunned technology companies, but him signalling confidence in the tech giant’s investing philosophy is notable.
Berkshire Hathaway first invested in Apple in 2016 when it bought 10 million shares. As of September 30, the multinational conglomerate owned about 2.6%.
Apple shares are up 46.05% for the year.