Buffett was unloading shares as the S&P 500 stock index rallied, setting a record high in mid-July, though the index has declined in each of the past three weeks on concern that artificial intelligence euphoria had gotten overdone. On Friday, weak labour data underscored the risk of an economic downturn, and the S&P dipped 1.8%.
Berkshire Hathaway Inc. slashed its stake in Apple Inc. by almost 50% as part of a massive second-quarter selling spree that sent billionaire Warren Buffett’s cash pile to a record US$276.9 billion ($367.47 billion).
In all, Berkshire sold US$75.5 billion worth of stock on a net basis in the period, the Omaha, Nebraska-based conglomerate reported Saturday. Operating earnings rose to US$11.6 billion, up from US$10 billion for the same period a year ago.
