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American billionaire and investor Warren Buffett’s company Berkshire Hathaway Inc has sold its 50% stake in iPhone maker Apple. After this sale, Warren Buffett’s cash stock has increased to a record $276.9 billion (about Rs 23.20 lakh crore).
Berkshire sold shares worth a total of $ 75.5 billion (about Rs 6.32 lakh crore) during the second quarter. This increased its operating income to $ 11.6 billion (about Rs 97,170 crore) from $ 10 billion (about Rs 83,767 crore) last year. The Omaha Nebraska-based group gave this information on Saturday.
This sell-off is due to fear of recession in America
Apart from this, Buffett’s company has also reduced its share holding in many other companies. On this record selling by Berkshire, many experts believe that this may be due to the fear of recession in America.
In the last quarter, the company focused on reducing its stake in many companies and increasing its cash reserves. The US stock market has seen a huge decline during the last few trading sessions.
Warren Buffet is the 7th richest person in the world
According to Forbes’ Real Time Billionaire List, Warren Buffet’s personal net worth is Rs 11.29 lakh crore. Buffet is 93 years old and is one of the world’s biggest investors. Tesla owner Elon Musk tops the list of the rich with a net worth of Rs 19.05 lakh crore.
US markets fell on Friday
On August 1, the Dow Jones of the US market closed at 40,347, falling 1.21%. NASDAQ closed at 17,194 with a fall of 2.30%. S&P500 fell by 1.37%. Apart from this, Asian markets also witnessed a decline. Japan’s Nikkei fell by 5.81% and Hong Kong’s Hang Seng fell by 2.08%. China’s Shanghai Composite also fell by 0.92%.
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