Warren Buffett Just Made a Massive Bet On Apple
In a vote of confidence for Apple, Berkshire Hathaway disclosed a 9.8 million share stake in the company taken out in the first quarter of this year. The stake was worth 1.07 billion at the end of the first quarter. Sales of Apple's iPhone fell dramatically in the first quarter of this year and the company's stock hit a new low last Thursday, according to CNN Money, but the investment by Warren Buffett's company has already been a healthy signal for the company. Bloomberg reports Apple stock rose 2.2 during early trading on Monday morning, bringing its value up to 92.50 per share. The investment by Buffett marks Berkshire Hathaway's first in Apple, which is foraying into other realms in an effort to offset falling iPhone sales.