Warren Buffett's company, Berkshire Hathaway, reported a significant $47 billion gain on stock sales in the second quarter of the year. This gain was primarily attributed to the decision to reduce its stake in Apple, a move that surprised many as Buffett had previously indicated his intention to hold the investment indefinitely. The company also made other notable investment adjustments during the quarter, including reducing its holdings in Chinese EV maker BYD and selling off some Bank of America stock.
Although the paper value of Berkshire's remaining investments decreased, the company's earnings for the quarter were impacted. Berkshire did not disclose the exact number of Apple shares sold but estimated the investment to be worth $84.2 billion at the end of the quarter, down from $135.4 billion in the previous quarter. Despite Apple's stock price reaching new highs during the summer, Berkshire's decision to sell off a portion of its holdings had a notable effect on its financials.
