Berkshire Hathaway Boosts Cash Reserves to $277 Billion Amid $50 Billion Apple Sale, $30.3 Billion Net Income

Aug 3, 2024, 12:59 PM

Warren Buffett's Berkshire Hathaway has significantly increased its cash reserves, reaching a record $277 billion as of Q2 2024. This surge in cash is primarily due to substantial sales of Apple (AAPL) and Bank of America (BAC) stocks. Buffett sold nearly half of Berkshire's stake in Apple, amounting to over $50 billion, a position he began accumulating in 2016. The move comes amidst Apple's stagnating performance and Buffett's strategic portfolio rebalancing. Despite these sales, Berkshire posted a net income of $30.3 billion for the second quarter. Q2 FY24 also marked the lowest level of quarterly repurchase volume since the buyback program started in 2018. Speculations suggest that Buffett may be preparing for significant buybacks or acquisitions, with some funds potentially being allocated to Occidental Petroleum (OXY).