Buffett Pumps $1bn Into Apple
Legendary investor, Warren Buffett has lifted his stake in Apple by a cool $1 billion. Apple stock closed higher on Monday after it was revealed that Buffett’s Berkshire Hathaway outfit had taken the $1 billion bet on Apple stock earlier this year, boosting the iPhone maker’s market value by more than $18 billion.
The Apple position gives Berkshire a rare sizable stake in a technology company. Its first was Buffett’s $11 billion investment in IBM, but IBM shares have dropped roughly 20 percent since Berkshire disclosed its stake, as the company tries to turn itself around.
Apple’s shares closed up 3.7 percent on Monday at $93.88 but are still down nearly 11 percent this year.
Meanwhile Buffett has teamed with Quicken Loans boss Dan Gilbert in a bid to snap up Yahoo. The consortium is one of several suitors that have moved into the second round of bidding for Yahoo.