Warren Buffett has revealed that Berkshire Hathaway’s stake in Apple is twice as large as previously disclosed at more than $18bn but said that the iPhone maker’s share price is now so high that it is no longer an attractive investment.
In a television interview to mark the release of his latest annual letter to Berkshire shareholders, Mr Buffett said that he had personally bought more than $8bn of Apple shares in January.
Berkshire had $7bn of its $122bn equity portfolio invested in Apple at the end of 2016 after almost a year of incremental purchases, according to Mr Buffett’s letter, but the extra purchases more than doubled the stake to 133m shares. Berkshire is now one of Apple’s top five shareholders, with a stake worth $18.2bn.
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