Warren Buffett sold more than $800 million worth of Apple stock last quarter
That might seem like a massive sale, but it's closer to a rounding error for the billionaire investor and Berkshire Hathaway CEO. Berkshire is Apple's biggest shareholder with a 5.4% stake worth $72 billion, according to Bloomberg data.
Buffett's lieutenants may have trimmed their stake in Apple for a few reasons. They may have wanted to diversify Berkshire's holdings, given the iPhone maker accounts for nearly 30% of its portfolio. Indeed, Berkshire made fresh investments inAlternatively, they may have wanted to cash out after Apple's stock surged by a third last quarter, from roughly $219 to $294. Depending on when they sold the 3.7 million Apple shares, they netted between $806 million and nearly $1.1 billion.
Buffett is unlikely to sell a significant amount of his Apple shares anytime soon, given his preference for long-term investing over a quick payday. He's also unlikely to buy more.
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