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American billionaire and investor Warren Buffet's company Berkshire Hathaway Inc has once again sold its 25% stake in iPhone maker Apple. After this sale, Warren Buffet's cash stock has increased to a record $ 325.2 billion (about Rs 27.36 lakh crore) in the third quarter.
Berkshire Hathaway has given this information in a statement on Saturday (November 2). In the third quarter, the company's stake in Apple now stands at $69.9 billion. In the second quarter it was $84.2 billion. Berkshire first disclosed its stake in Apple in 2016. As of the end of 2021, Berkshire owned 908 million Apple shares worth $31.1 billion.
Buffett had sold 50% stake in Apple three months ago also.
Berkshire has been a net seller of shares in the third quarter. The company has made net sales of $34.6 billion in the three months till September. Buffett had also sold about 50% of his stake in Apple three months ago. After this sale, Buffett's cash stock had increased to $ 276.9 billion.
In the second quarter, Omaha, Nebraska-based group Berkshire's investment in Apple was left at $84.2 billion. At the end of the first quarter, Buffett owned $135.4 billion worth of Apple shares. Apart from Apple, Buffett's company had also reduced its shareholding in many other companies three months ago. During the second quarter, the company sold shares worth a total of $75.5 billion.
Berkshire's market cap reached $1-trillion on August 28
Buffett has used some of his cash stock to repurchase some of his stock. However, recently Berkshire's shares had also become expensive. Berkshire's shares have risen 25% this year, taking its market value to $974.3 billion. On August 28, its market cap exceeded $1 trillion for the first time.
Last quarter, Berkshire declined to buy back its own stock for the first time since changing its policy in 2018. Higher losses at Berkshire Hathaway Primary Group led to a 69% decline in underwriting earnings in the firm's collections insurance business to $750 million from $2.4 billion a year earlier.
Warren Buffet is the 6th richest in the world
According to Forbes Real Time Billionaire List, 94 year old Warren Buffet is the 6th richest person in the world with a net worth of Rs 11.96 lakh crore. Tesla owner Elon Musk tops the list of the rich with a net worth of Rs 22.15 lakh crore.
