Warren Buffett's Berkshire Hathaway dumps its entire IBM stake

Warren Buffett's Berkshire Hathaway has sold its entire stake in IBM, the billionaire investor said Friday in an interview with CNBC.

"I think we have zero," Buffett said when asked if Berkshire owns any IBM shares. IBM's stock price fell about 1% after the news. Advertisement
The news comes the day before Berkshire's much-anticipated annual shareholders meeting in Omaha, Nebraska.

At the end of 2017, Berkshire owned just over 2.067 million shares of IBM, worth about $293.5 million at Friday's prices, according to regulatory filings.

IBM's stock price has fallen by more than 10% in the past year as the enterprise giant struggles to reinvent itself in the 21st century. In April, the company reported earnings that topped analyst expectations, but still sent the stock tumbling.
Advertisement

Buffett also disclosed to CNBC in the interview that Berkshire had upped its stake in Apple by 75 million shares.

NOW WATCH: Jeff Bezos reveals what it's like to build an empire and become the richest man in the world - and why he's willing to spend $1 billion a year to fund the most important mission of his life

{{}}
Next Story25 of the biggest failed products from the world's biggest companies