Apple's drop costs Warren Buffett about $2.8 billion, adding to struggles for Berkshire portfolio
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Summary
Keep Me Logged InWarren Buffett will lose some serious money on Thursday...at least on paper.With Apple's more than 8 percent drop into pre-market trading, Buffett's Berkshire Hathaway is looking to lose approximately $3.3 billion on its position in the tech company.Berkshire owns 252.5 million shares of Apple, which at the market close on Wednesday were trading at $157.92 per share, according to FactSet. Right when the market closed, Buffett's position was worth $39.87 billion.Shares tanked soon after the company announced it would lower its first quarter guidance in a letter to investors from CEO Tim Cook Wednesday, blaming a range of variety of factors including a weakening economy in China and lower-than-expected iPhone revenue.By Thursday morning, the stock fallen by about 8 percent or around $13 per share.
As said here by Kate Rooney