Warren Buffett's Berkshire Hathaway dumps its entire IBM stake

Warren BuffettSpencer Platt/Getty Images

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.

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.

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

IBM stock price

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

{{}}
Add Comment()
Comments ()
Characters Remaining: 3000
X
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.
Next Story25 of the biggest failed products from the world's biggest companies
Related Stories
Latest Stories

Boris Johnson's relationship with the Queen hits 'rock bottom' as he is accused of forcing her to deliver a 'party political broadcast' for the Conservative Party

Don’t make pre-schoolers take exams and teach in song instead, says NCERT

10 things in tech you need to know today

Ecuador's president agrees to fuel subsidy deal in order to end weeks of violent protest that left 7 people dead

Taking over at a time when BCCI image has got hampered: Sourav Ganguly