75 million more Apple shares purchased by Warren Buffett of Berkshire Hathaway

75 million more Apple shares purchased by Warren Buffett of Berkshire Hathaway

Warren Buffett's company bought 75 million more shares of Apple (NASDAQ: AAPL) in the first quarter, giving it a total of more than 240 million shares of the tech giant.

As FOX Business previously reported, Apple shares rose earlier in the week after the company announced a $100 billion boost to its share buyback program.

The Apple stake of Berkshire now roughly deals around $241.7 million shares and has an estimated value of market is almost $43 billion, based on Thursday's closing price of $176.89.

Apple is expected to be holding the No. 1 position in the stock portfolio of Berkshire as per the reports which were revealed by Buffett about the latest list of top 10 stock holdings.

Buffett believes that Apple's fantastic business is likely to grow.as he said; "The idea that you're going to spend loads of time trying to guess how many iPhone X ... are going to be sold in a three-month period totally misses the point".

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Buffett told CNBC about the purchase ahead of Berkshire Hathaway's annual meeting this weekend. Apple sold 52.2 million iPhone units in the Jan-Mar quarter, up 3% year over year.

Buffett has also recoiled away from financing in technology companies. (TSX:AQN)(NYSE:AQN) is a premium high-income-paying growth stock that's trading at a non-premium price. The rally came even as iPhone sales fell slightly short of Wall Street's expectations. I see how strong that ecosystem is, to an extraordinary degree.

Billionaire investor Warren Buffett's big bet on Apple now appears to be the whole lot bigger. In 2011, Berkshire Hathaway owned 64 million shares of IBM's stock.

IBM shares are down 0.5% premarket to $141.28.

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