Warren Buffett’s Berkshire Hathaway reported that it took a stake in Apple Inc., according to a filing for Q1 2016 made with the Securities and Exchange Commission (SEC). The legendary investor’s firm owns 9.81 million shares in the US tech giant.
As an Apple share is trading at about $109, Buffett’s stake totals over $1 billion. Apple shares have been losing in value since mid-April. Apple’s quarterly report showed that its revenues fell amid a slowdown in iPhone sales.
Two years ago, Buffett told Berkshire’s shareholders that he preferred to avoid investing in hi-tech companies like Apple and Google. However, he did not rule out this opportunity for the future.
On May 11, Forbes released a new list of the most valuable brands. Apple still keeps the top rank being valued at $154.1 billion. Despite soft sales in Q1 2016, it has been acknowledged to be the world’s richest brand for six years in a row.
