Warren Buffett says that he bought 120 million shares of Apple Inc. stock in January 2017. This brings the total value of his investment in the company to $17 billion. The recent acquisition also makes AAPL the second-largest holding for Berkshire Hathaway Inc.
When asked about the reason behind his recent investment in Apple Inc., Warren Buffett said that the company’s “strikes me as having quite a sticky product.” He also said that he feels that AAPL CEO Tim Cook is doing a “terrific job” with the company, reports Reuters.
Warren Buffett investment in Apple Inc. now gives him a 2.5% stake in the tech company. Despite taking such an interest in AAPL, Buffett doesn’t own an iPhone. The investor does own an iPad, but he notes that it was given to him.
In his interview with CNBC, Warren Buffett was asked which company would reach a $1 trillion valuation fist: Apple Inc. or his own Berkshire Hathaway Inc.? Buffett responded that he believes AAPL is in the better position to reach that milestone than his own company.
Warren Buffett’s investment in Apple Inc. was made after the start of the new year, but before the company released its earnings report on Jan. 31, 2017. The new investment in AAPL means that the only larger one made by Berkshire Hathaway Inc. is in The Coca-Cola Co (NYSE:KO).
AAPL, BRK.A, and BRK.B stock were all up slightly as of Monday morning.