Apple’s Stock Surge May Just Have Made Warren Buffett’s Berkshire Hathaway $2.6 Billion Richer
Wednesday wasn’t just a good day for Apple.
The company, whose shares jumped nearly 6%, also earned Warren Buffett a nice payday.
The billionaire philanthropist’s Berkshire Hathaway (BRK-B) reportedly owns 239.6 million shares of Apple as of the end of March. Wednesday’s jump means that those shares are up $2.7 billion for Berkshire Hathaway.
According to MarketWatch, Berkshire Hathaway’s stake in Apple is now worth $48 billion overall, and has earned the company $8 billion in the last four months.
Buffett has long been a fan of the tech giant, telling CNBC in May that he would “love to own 100%” of Apple (AAPL), adding that he likes “the economics of their activities” and “the management and the way they think.”
A billionaire himself, Buffett has historically profited well from his investments, and Apple appears to be no exception. Apple’s third-quarter earnings, at $2.34 per share, beat the Thomson Reuters consensus of $2.18. The company’s shares are up 34% from this time last year, and it is approaching a trillion-dollar valuation, with a current market cap of $973.2 billion.