Apple rises after Warren Buffett ups his stake by 75 million shares
Warren Buffett's Berkshire Hathaway bought another 75 million shares of Apple, the billionaire said Thursday.
Apple rose more than 1% after the stake was disclosed.
The news comes just ahead of the firm's annual shareholder meeting in Omaha, Nebraska.
Shares of Apple rose more than 1% in early trading Friday after billionaire investor Warren Buffett said he’d added 75 million shares of the tech giant’s stock to his portfolio.
The new stake, coupled with the firm's 165.3 million shares already owned, brings Buffett's total Apple holdings to 240.3 million. At Friday's trading prices, the stake is worth roughly $42.92 billion.
Buffett disclosed the new investment Thursday evening in an interview with CNBC ahead of Berkshire Hathaway’s annual meeting in Omaha, Nebraska.
"If you look at Apple, I think it earns almost twice as much as the second most-profitable company in the United States," Buffett told the cable network, calling it an "unbelievable company."
Apple on Wednesday reported another blockbuster quarter in which it brought in $61 billion in revenues powered by sales of 52.2 million iPhones.
Shares of Apple are up 3.8% since the beginning of 2018.
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