Nov. 2 (UPI) — Berkshire Hathaway now has a record $325.2 billion cash on hand, the holding company announced after filing third-quarter earnings Saturday.
The multinational firm based in Omaha, Neb., is continuing to divest some of its holdings and stockpile cash ahead of Tuesday’s U.S. election, according to the earnings report filed with the U.S. Securities and Exchange Commission.
Billionaire chairman and CEO Warren Buffett continues to trim the company’s holdings in Apple Inc. Berkshire Hathaway is the largest single shareholder of Apple stock.
The holding company’s stake in the iPhone maker now sits at approximately $69.9 billion, down from $84.2 billion at the end of the previous quarter.
Overall, Berkshire Hathaway reported $34.6 billion in net share sales during the third quarter.
In an unrelated move, Berkshire Hathaway also spent $2.9 billion to repurchase its own shares during the first nine months of 2024.
The repurchasing has become costlier.
Berkshire Hathaway was trading at $452.14 at the close of trading Friday, up from $405.19 at the end of July.
In May, the company reported first-quarter earnings of $11.2 billion and revealed a total $189 billion in cash reserves, a record at the time.
“I don’t mind at all, under current conditions, building the cash position,” Buffet said in May at the company’s shareholder meeting.
At the time, the 94-year-old said the firm would likely remain the single biggest shareholder of Apple stock.