Berkshire Hathaway Inc. bought an additional 75 million shares of Apple Inc. in the first quarter, while dumping its remaining stake in International Business Machines Corp., Chairman Warren Buffett said in a CNBC interview.
The Apple purchase, which would have cost between $11 billion and $14 billion, adds to the almost 170 million shares that Berkshire Hathaway owned at the end of 2017, when it was already Buffett’s biggest shareholding. The added stake would see Berkshire overtake State Street Corp. to become Apple’s third-largest investor, according to data compiled by Bloomberg. The move is paying off so far, with Apple shares climbing to a record. The stock was up 3.3 percent as of 11:19 a.m. in New York.