Berkshire Hathaway Chairman Warren Buffett also lost about $30 billion as Apple stock price plunged 24 percent this year, investment magazine Barrons reported on the 19th (local time).
Buffett, through Berkshire has about 911 million shares of Apple as of March 31. Assuming that the reserves remained unchanged afterwards, Barrons estimated that they lost about $30 billion.
Berkshire lost about $45 billion in the first quarter. Most of these are losses from Apple.
Apple accounts for about 40 percent of Berkshire’s stock portfolio.
Apple, the leading stockholder of the U.S. stock market, has been falling day after day due to the Fed’s aggressive rate hike.
As Bank of America (BoA), a famous U.S. investment bank, lowered Apple’s target price on the 19th (local time), Apple fell 2.46% from the previous trading day to $137.35.
BOA cut Apple’s target price by $15 on the same day. BoA explained why the goal was lowered, saying that the supply chain has continued to be strained due to China’s COVID-19 blockade, and the macroeconomic situation in the United States is not good due to inflation.
Apple plunged on the previous day as well, Apple also plunged nearly 6% as pressure to sell technology stocks rose again in the New York stock market.
Until now, Apple has been evaluated to have endured inflation and supply chain crunch well.
However, the selling trend of technology stocks was stronger than ever, with Nasdaq plunging 4.73% on this day. As a result, it seems that Apple has not been able to avoid it.
As a result, Apple’s stock price plunged 24% this year. As a result, Apple gave up its No. 1 market capitalization to Saudi Arabia’s state-run oil company Aramco. Apple, the flagship of the U.S. stock market, is also not overcoming the impact of the Fed’s rate hike.
As Apple’s stock price, a major shareholder in the U.S. stock market, fell day after day, the world’s Buffett is helpless.
