Warren Buffett’s Berkshire Hathaway lost more than $3 billion Friday as Apple’s stock headed for its worst day on Wall Street in more than four years.
Apple — poised to post its fifth consecutive week of losses for the first time since 2012 — was last seen down more than 6.9 percent, on track for its worst one-day move since January 2014. The Oracle of Omaha owned more than 250 million shares of the Cupertino, California-based company as reported in Berkshire’s latest holdings filing at the Securities and Exchange Commission.
At Friday’s low price for Apple of $206.38, Buffett is down $3.99 billion. At current prices midway through the trading day, Buffett las lost $3.7 billion on paper. Apple closed at $222.22 on Thursday before the disappointing report.
Apple’s stock sank after the company’s iPhone shipments for last quarter fell short of analyst expectations. The company also issued a financial outlook for the rest of the year that underwhelmed some investors. Those factors foiled the company’s stronger-than-expected earnings and revenue.
However, Buffett’s losses are likely even more painful: he told CNBC at the end of August that he bought more Apple shares since the end of June , when he reported that he bumped his stake up by 5 percent.
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SOURCE: CNBC
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