Berkshire Hathaway, owned by Warren Buffett, released its Q2 2024 financial report. The company sold $75.5 billion of stocks, bringing its cash reserve to a record high of $276.9 billion, a significant increase from Q1's $189 billion. Among the sales, Berkshire Hathaway significantly reduced its top holding, Apple, from 790 million shares to 400 million shares, a decrease of about 49%.
Berkshire Hathaway had previously sold Apple shares, selling 10 million shares in Q4 2023, which accounted for about 1% of its Apple shares. In Q1 2024, Berkshire Hathaway reduced its Apple holdings by 13%. At the annual shareholder meeting in May of this year, Buffett revealed the reason for reducing his Apple position. He said that the expectation of a possible increase in US tax rates prompted him to take some profits on his Apple position.
Additionally, Berkshire Hathaway has been systematically reducing its position in Bank of America, its second-largest holding after Apple. Regulatory filings show that in the 12 trading days leading up to August 1st, Berkshire Hathaway sold approximately $3.8 billion worth of Bank of America stock.