PANews reported on August 4 that according to Cailian News, Berkshire Hathaway, owned by Buffett, released its second quarter financial report for 2024. In Q2, it sold a net $75.5 billion in stocks, bringing its cash reserves to a record $276.9 billion, a significant increase from $189 billion in the first quarter. Among them, Berkshire Hathaway significantly reduced its holdings of its top holding, Apple, from 790 million shares to 400 million shares, a reduction of about 49%.
Berkshire Hathaway has previously reduced its holdings in Apple. The company sold 10 million shares of Apple in the fourth quarter of 2023, accounting for about 1% of its Apple shares. In the first quarter of 2024, Berkshire reduced its holdings of Apple by 13%. At the annual shareholders meeting in May this year, Buffett revealed the reasons for his reduction in Apple. He said at the time that expectations of a possible increase in US tax rates prompted him to take some profits on his Apple position.
In addition, Berkshire has methodically cut its position in Bank of America, its second-largest holding after Apple, in recent days. Regulatory filings show that in the 12 trading days ending August 1, Berkshire Hathaway sold about $3.8 billion worth of Bank of America shares.