Warren Buffett’s Berkshire Hathaway cuts stake in Apple by nearly 50%

(CNN) — Warren Buffett’s Berkshire Hathaway slashed its stake in tech giant Apple by nearly 50%, according to Berkshire’s second quarter earnings report released on Saturday.

Berkshire Hathaway disclosed its holdings in Apple were valued at $84.2 billion at the end of the quarter, dropping from 790 million shares to 400 million shares. The sharp selloff is notable for Buffett, who is known for holding onto stocks for long periods of time.

Apple did not respond to CNN’s request for comment.

Berkshire Hathaway has previously downsized its stake Apple, which has a market cap over $3.3 trillion. In the final three months of 2023, Berkshire Hathaway sold off 10 million shares of Apple stock, representing about 1% of its holdings in the company. In the first quarter of 2024, Berkshire cuts its stake in Apple by 13%.

Meanwhile, the Omaha, Nebraska-based conglomerate reported a record cash pile of nearly $277 billion for the second quarter. Berkshire Hathaway reported about $189 billion in cash and equivalents in the first quarter.

Berkshire Hathaway sold off $75.5 billion in stock in the second quarter. Along with Apple, Berkshire cut its stake in its second largest position, Bank of America, to $41.1 billion.

The earnings report showed that approximately 72% of Berkshire’s aggregate fair value is concentrated in five companies: American Express ($35.1 billion), Apple ($84.2 billion), Bank of America ($41.1 billion), Coca-Cola ($25.5 billion) and Chevron ($18.6 billion).

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This story has been updated with additional content.