Warren Buffett's racked up a $1.6 billion gain in his Apple investment
Berkshire Hathaway CEO Warren Buffett yells "Go big red!", the Nebraska Cornhuskers chant, prior to the Berkshire annual meeting in OmahaThomson Reuters
NEW YORK, Feb 25 (Reuters) - Berkshire Hathaway Inc.'s gain on its investment in Apple Inc. stands at more than $1.6 billion after shares of the iPhone maker surged.
The stake of 61.2 million shares was acquired last year for $6.75 billion, an average of about $110.17 apiece, according to the annual report Saturday from Berkshire, which is led by billionaire chairman Warren Buffett.
The holding was valued at more than $8.3 billion as of Friday's $136.66 closing price.
Berkshire became one of the top 10 Apple investors in 2016, taking a stake of more than 9 million shares in the first quarter and then accelerating purchases in the last three months of the year.
The Apple investment appears to reflect much of the $12 billion of stock that Buffett said he had bought between the Nov. 8 Presidential election and the end of January.
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(Reporting By Jennifer Ablan; Editing by David Gregorio)
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