Berkshire Hathaway, the investment company owned by Warren Buffett, has recently sold a significant number of Apple shares. Despite this move, Buffett’s confidence in the company remains unwavering. During Berkshire Hathaway’s first quarter shareholder meeting in Omaha, where up to 40,000 shareholders have gathered, Buffett explained the reasons behind the share sales.
The company’s cash reserves are currently at around $189 billion. Apple’s CEO Tim Cook will be present at the meeting, as Berkshire Hathaway is Apple’s largest shareholder outside of financial companies that manage ETFs. The company’s holdings in Apple decreased by 13% in the first quarter to 790 million shares valued at just under $150 billion. Buffett clarified that his positive view of Apple has not changed, and the sales were primarily driven by tax considerations.
Buffett has long been an advocate for higher taxes on the wealthy and emphasized that Berkshire Hathaway pays whatever taxes the government requires. The company paid five billion dollars in federal taxes last year alone. Buffett’s other significant investments include American Express and Coca-Cola, alongside Apple. He expressed confidence that these companies will remain in Berkshire’s portfolio, even with the succession of Greg Abel as the new executive.
Warren Buffett, at the age of 89, has provided insights into the future of his company and its investment strategy. Despite its massive size, Berkshire Hathaway continues to generate remarkable profits which have made Buffett one of the most successful investors in the world.
