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August 3, 2024

$277,000,000,000 in Cash Hoarded by Berkshire Hathaway As Warren Buffett Dumps Apple, Bank of America

By Daily Hodl Staff

Berkshire Hathaway is now holding onto a record $277 billion in cash as the economy teeters.

Second quarter results show the investing giant led by Warren Buffett sold $75.5 billion worth of stock on a net basis in the period.

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The new round of selling brought the total amount of stocks sold by Berkshire in 2024 to over $90 billion.

Tech giant Apple was on the cutting board in Q2, with the firm reducing its stake in the company by nearly 50%.

And early signs show Buffett isn’t finished yet as Berkshire just slashed its stake in Bank of America, selling $769 million in shares across 12 consecutive days.

At Berkshire’s annual meeting in May, Buffett offered his outlook on current valuations and the firm’s growing pile of cash.

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“We’d love to spend it, but we won’t spend it unless we think [a business is] doing something that has very little risk and can make us a lot of money.

It isn’t like I’ve got a hunger strike or something like that going on. It’s just that things aren’t attractive.”

Berkshire’s Q2 operating earnings hit $11.6 billion, up from $10 billion one year ago.

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