Apple Stocks Hit All-Time High After Buffet Increases Stake

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The share price of Apple Inc, the world's most valuable company, climbed over 6% on Friday (New York) reaching an all-time high of $183.83 (Rs 12,284) each.

Legendary investor and business magnate, Warren Buffet bought 75 million more shares in the multinational technology company. He now owns roughly a 5 percent stake in the company, as per BBC reports.

Apple Stocks Hit All-Time High After Buffet Increases Stake

Buffet's investments are observed closely, so when news of him increasing his stake in the company was out, Apple's share price moved up quickly, closing at a record high.

Since 2016, he has been investing in the iPhone maker, and his company Berkshire Hathaway claimed to own a 3.3 percent stake (more than 166 million shares) in Apple at the end of last year.

After the additional investment, Berkshire Hathaway's stake in the company could be worth more than $44 billion.

Apple's market value stood at approximately at $932 billion at the market closing time on NASDAQ (where it is listed) stock exchange.

The smartphone maker reported a 25 percent rise in its first-quarter profit of the year at $13.8 billion from the same period last year.

Read more about: warren buffet
Story first published: Saturday, May 5, 2018, 11:17 [IST]
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