Warren Buffett’s Berkshire Hathaway bought a stake in Apple, while also being linked to a bid for Yahoo’s internet assets.
The investment firm disclosed today that it had, at some point in Q1, acquired 9.81 million shares in Apple, worth about $1 billion.
Meanwhile, Berkshire Hathaway is supporting a consortium bidding for Yahoo assets, according to Reuters. The group is also backed by another billionaire called Dan Gilbert, the founder of Quicken Loans, a US mortgage lender. The bid could provide a challenge to Verizon, viewed as the favourite to scoop Yahoo’s assets.
The Buffett-backed consortium is in the second round of bidding in the auction, said sources. The billionaire is helping finance the offer, one of the people added.
In the past, Buffett has expressed a reluctance to invest in the tech sector. However, both Apple and Yahoo have recently seen their share price fall, although the position of Yahoo is less secure than Apple’s. Nevertheless, in both cases, Buffett has perceived an opportunity.
Another reason for Buffett having an interest in Yahoo might be that the assets for sale, including finance and sports sites, arguably fall more under the category of media, a sector he knows well, rather than internet.
MoboleWorldLive.com
