The sharp drop in Apple's stock price cost Warren Buffett about $2.8 billion
Us investor warren buffett's Berkshire hathaway may suffer substantial losses on Thursday.
Apple shares fell more than 7 percent in after-hours trading.CNBC reported that Berkshire's current position
in apple stock could cost Berkshire about $2.8 billion.
Berkshire hathaway owns more than 250 million shares of apple, according to financial data software.The shares had a
market value of about $39.87 billion as of Wednesday's close.
Apple shares fell sharply in after-hours trading after chief executive Tim cook cut his forecast for the first quarter of
2019 in a letter to shareholders.Apple shares fell about $10 to about $147 as of 5:20 p.m. local time Wednesday.
The decline could cost Berkshire Hathaway $2.77 billion in apple stock overnight.
Berkshire Hathaway has been buying apple shares for the past two years, becoming the company's second-largest
Berkshire Hathaway added 75 million apple shares in the first quarter of last year.The company continued to buy apple
shares in the second quarter of last year.Berkshire Hathaway inc. 's stake in apple inc. rose 5% in August, according to
In February 2017, Buffett announced for the first time that Berkshire Hathaway would buy apple shares, contrary to his
usual aversion to technology stocks.
On August 2, 2018, Apple's market value exceeded $1 trillion.Today, Apple's shares are down more than 15 percent
from a year ago.
Other Berkshire positions also performed poorly.Bank of America's shares, for example, are down 17 percent from a
year ago.Wells Fargo shares fell 23 percent.The two Banks are second only to apple in Berkshire Hathaway's portfolio.