Warren Buffett just announced he has a huge stake in Apple
Berkshire Hathaway owned 9.81 million Apple shares as at the end of the first quarter.
A regulatory filing out Monday from the company headed by Warren Buffett showed the stake was worth more than $1 billion at the time.
It ranked Berkshire as the 56th largest Apple shareholder, according to Bloomberg.
Apple shares climbed more than 2% in pre-market trading after the news crossed.
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They fell to a near two-year low last week. On Friday, another regulatory filing — from Appaloosa Management — showed that the hedge fund founded by David Tepper had dumped its entire stake in Apple. Amid the share-price decline, Alphabet (owner of Google) briefly overtook Apple as the world's most valuable company by market cap.
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Apple's first-quarter results showed that its revenues fell year-on-year for the first time since 2003. That added to investor concerns about the company, amid a slowdown largely attributed to weakness in China.
Because Berkshire's Apple stake was held as at March 31, it's possible that the company has since adjusted the size of its holding.
The filing also showed that Buffett increased his stakes in Phillips 66 and IBM, and sold Walmart shares.
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