Berkshire Hathaway, the multibillion-dollar 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.
Warren Buffett is known for his long-term investment strategy and his commitment to paying taxes. During the meeting, he emphasized that Berkshire Hathaway pays whatever taxes the government requires and has always been an advocate for higher taxes on the wealthy. The company paid five billion dollars in federal taxes last year alone. Despite its massive size and success, Berkshire Hathaway continues to generate remarkable profits which have made Buffett one of the most successful investors in the world.
Buffett expressed confidence that his other significant investments including American Express and Coca-Cola will remain in Berkshire’s portfolio, even with the succession of Greg Abel as the new executive. Apple CEO Tim Cook was also 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. However, Buffett clarified that his positive view of Apple has not changed and that these sales were primarily driven by tax considerations.