SALT LAKE CITY — Warren Buffet didn’t have a great Thursday.
What’s going on: The entrepreneur's Berkshire Hathaway lost more than $3.8 billion based on its position in Apple, which saw a 9 percent drop on early trading Thursday, CNBC reports.
- Berkshire currently owns 252.2 million shares of Apple, which closed on Wednesday at $157.92 per share. On Wednesday, Buffett's position in the company hovered around $39.87 billion.
What happened: News broke late Wednesday that changed everything for Apple.10 comments on this story
- In a letter, Apple CEO Tim Cook announced the Christmas season did not go as planned for Apple, leading the company to offer a new fiscal first-quarter guidance.
- Specifically, Apple blamed lack of iPhone sales, especially in China, as a reason for the correction, The New York Times reports.
- And Apple, which lost $9 billion in revenue due to low demand, said the drop came because people replaced their iPhone batteries a lot easier than in the past, The Verge reports.
- After all of that, Berkshire’s holdings fell to $36.1 billion — a loss of $3.76 billion in total.
Flashback: Buffett’s Berkshire bought 75 million shares in early 2018, which was in addition to the 165.3 million shares they already own, according to The Associated Press.