If you happen to own Apple shares you might have welcomed the spike in the share price that was seen earlier today. Prices spike, in either direction, when there’s a trigger and today’s trigger was the revelation that the holding company of one of the richest men in the world owns more than $1 billion worth of Apple shares. That man is none other than Warren Buffet.
Buffet is a legend among investors, he certainly has the numbers to show for it, braving bear markets and crashes in an investing career that spans several decades.
This isn’t the first time that shares of a company have spiked on the revelation that Buffet’s holding company, Berkshire Hathaway, has taken a big position. Even rumors of Buffet investing in a company is enough to send its stock price soaring for some time.
Apple’s stock has taken a beating recently following the company’s recent earnings report which confirmed the first ever iPhone sales decline in history. Many major investors are still long on the company’s stock but that hasn’t stopped the company from losing quite a bit in market value as investors close their positions and take their money elsewhere.
Regulatory documents filed today revealed that Buffet’s Berkshire Hathaway owns 9.81 million shares of Apple which were worth $1.07 billion as of March 31st. Following the news, Apple’s stock price jumped in pre-market trading and remained up over 3 percent after the market opened.
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