Nati Harnik, Associated Press
In this May 7, 2018, photo, Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., with Liz Claman on Fox Business Network's "Countdown to the Closing Bell." Buffett's company added to its stakes in Apple and Israeli drugmaker Teva Pharmaceuticals in the second quarter while tweaking several of its other stock investments. Berkshire Hathaway Inc. filed an update on its U.S. stock portfolio with the Securities and Exchange Commission on Tuesday, Aug. 14.

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.