Berkshire Hathaway (hereinafter Berkshire), led by investment guru Warren Buffett, sold about 25% of its Apple shares.
Bloomberg News and U.S. economic media CNBC reported on the 2nd (local time) that Berkshire Hathaway's cash holdings reached approximately $325.2 billion (about 448.9386 trillion KRW), marking an all-time high.
According to Berkshire's Q3 financial report released that day, the company's cash holdings increased by about $48.3 billion (approximately 66.6782 trillion KRW), from $276.9 billion at the end of Q2 to $325.2 billion at the end of Q3.
In Q3, Berkshire further increased its cash holdings by selling additional stakes in large stocks it held, including Apple and Bank of America. Notably, it sold about 25% of its Apple shares.
Including this, Berkshire net sold stocks worth more than $34 billion (about 46.937 trillion KRW) in Q3, continuing its overall stock selling trend.
Buffett has used part of the cash holdings to repurchase Berkshire shares in the past, but recently, as Berkshire's stock price rose significantly, even that was not done.
Berkshire's stock price has risen 25% this year, with a market capitalization of about $974 billion as of the closing price on the 1st. On August 28, the market cap surpassed $1 trillion for the first time.
Berkshire's Q3 operating profit recorded $10.09 billion (about 13.9292 trillion KRW), down 6% from the same period last year due to a decrease in insurance underwriting income.
It is estimated that Hurricane Hermine had an impact of about $565 million (about 780 billion KRW) on this quarter's earnings, and losses from Hurricane Milton are expected to cause a pre-tax hit of $1.3 billion to $1.5 billion (about 1.8 trillion to 2.1 trillion KRW) in Q4.
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