What you need to know
- Warren Buffett sold 12% of Berkshire Hathaway's Apple stock last year. .
- He has previously admitted the sell-off was a mistake.
- A new report has revealed the stock is now worth $18 billion.
Warren Buffet's decision to sell 12% of Berkshire Hathaway's Apple holdings last year has cost him $18 billion, a new report says.
As we reported earlier today, Apple's stock closed Wednesday at an all-time high of $144 Wednesday. As Business Insider notes, this means that Buffet and BH's Apple holding is now worth $128 billion. It could have been more had Buffett not sold 12% of his Apple shares last year:
Warren Buffett's Apple bet jumped in value to $128 billion on Wednesday, thanks to the iPhone maker's stock price closing at a record high. The investor has more than tripled his money on Apple in the past three years- but he would have quadrupled it if he didn't sell a chunk of the holding. Buffett's Berkshire Hathaway conglomerate spent $36 billion between 2016 and mid-2018 to amass the equivalent of 1 billion Apple shares, which would be worth $146 billion today. However, Buffett has cashed in about 12% of that stake in recent years.
Buffett has previously admitted that selling his Apple stock was 'probably a mistake' at a BH shareholders meeting last year:
"I sold some stock last year," the famed investor said at Berkshire Hathaway's annual meeting on Saturday. "That was probably a mistake."
Buffett's remaining holdings sit at $128 billion, shares that will pay out $791 million in dividends this year.
Apple will announce its Q3 earnings at a call on July 27, where it is expected to present strong year on year growth.
