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. (Reporting By Jennifer Ablan; Editing by David Gregorio)