Warren Buffet buys $1 billion stake in Apple

Warren Buffett
FILE - In this May 5, 2014, file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on the Fox Business Network in Omaha, Neb. Buffett’s Berkshire Hathaway is buying Precision Castparts Corp. for approximately $32.36 billion, the company announced, Monday, Aug. 10, 2015. (AP Photo/Nati Harnik, File)

CUPERTINO (KRON) — Berkshire Hathaway, the conglomerate run by billionaire investor Warren Buffett, has purchased more than 9.8 million shares of Apple, according to a report from CNNMoney.

The value is estimated roughly at $1 billion. This marks Buffet’s first investment in Apple.

Until recently, the billionaire was famous for his lack of investments in the tech sector.

Though Apple’s stock price has recently dropped, the company is still one of the tech leaders.

Buffett’s move comes just weeks after another investor, Carl Icahn, decided to sell all his Apple shares.

http://i.cdn.turner.com/money/.element/script/7.0/players/embed.js?videoid=/video/investing/2016/05/16/warren-buffett-berkshire-hathaway-apple.cnnmoney

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