Warren Buffet’s Berkshire Hathway Acquired $1 Billion Apple Shares in Q1, 2016

Warren Buffet

A regulatory filing has revealed that Warren Buffet’s Nebraska-based company Berkshire Hathway Inc. acquired 9.81 million Apple shares totalling more than $1 billion in the first quarter of the year. 

The company reveals in its filing that it expects the Cupertino company to rebound after the recent slump in iPhone sales that will also have a positive impact on its share prices.

The news of Warren Buffett’s hedge fund acquiring almost 1$ billion worth of Apple shares led to the Cupertino company’s share price to rise by over $2, from $90.5 to over $92.50. This purchase makes Buffet the 56th largest shareholder of Apple.

Berkshire Hathway also acquired shares in IBM during the same period, and the company is reportedly also interested in investing in Yahoo.

Years ago, Warren Buffet had claimed that he did not own any shares of AAPL because he was simply unable to evaluate the company’s. Back then the billionaire had said that Apple could be worth significantly more in the future.

[Via Bloomberg]