Warren Buffett, the CEO of Berkshire Hathaway, has recently sold a significant number of Apple shares despite his unwavering confidence in the company. During the first quarter shareholder meeting in Omaha, where up to 40,000 shareholders gathered, Buffett explained that the company’s cash reserves are currently at around $189 billion.
Buffett clarified that his positive view of Apple has not changed and that the sales were primarily driven by tax considerations. He emphasized that Berkshire Hathaway pays whatever taxes the government requires and has long been an advocate for higher taxes on the wealthy. The company paid five billion dollars in federal taxes last year alone.
Berkshire Hathaway is Apple’s largest shareholder outside of financial companies that manage ETFs, and Apple’s CEO Tim Cook will be present at the meeting. The company’s holdings in Apple decreased by 13% in the first quarter to 790 million shares valued at just under $150 billion.
Despite succession plans, Buffett expressed confidence that other significant investments such as American Express and Coca-Cola will remain in Berkshire’s portfolio. He also emphasized his commitment to maintaining Berkshire’s investment strategy even with Greg Abel as the new executive.
Warren Buffett, at 89 years old, continues to provide 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.