Warren Buffett's investment in Apple has tripled in value to north of $100 billion. Buffett's Berkshire Hathaway spent about $35 billion to build the 5.7% stake in Apple The 10% rise in Apple's stock price on Friday boosted its value to about $104 billion. Business Insider reports that Berkshire's Apple position is now worth more than four times its second-largest holding, Bank of America. Industry analysts call Buffett's investment into Apple "one of the best investments ever."
Shares of Apple have surged as much as 5% to an intraday high of $446.55 per share on Monday. That continues a post-earnings rally for the tech company. The surge pushed Apple's market capitalization to $1.92 trillion. If Apple gains another 5%, it will become the first company to hit a $2 trillion market value. Business Insider reports that Apple has had quite the year, gaining more than 48% even amid the coronavirus crisis.
Business Insider reports that Apple is trying to negotiate cheap rent for some of its retail locations in the UK. In some of its 38 stores across the UK, Apple is asking for a 50% rent reduction. It also wants a temporary rent-free period. Apple generated $58.3 billion in revenue in the second quarter of this year. Per the Times, Apple posted UK sales of $1.8 billion for 2019, and $8 million in taxes to the UK.
On Thursday, Apple released a blockbuster earnings report. On Friday, Apple shares surged as much as 7%. Apple's market capitalization briefly overtook Saudi Aramco's on Friday, dethroning the oil giant as the most valuable company in the world. Apple's market value at $1.762 trillion. Apple's recent tear has sent shares up roughly 39% year-to-date. The company also on Thursday announced a 4-1 stock split, which it said would help it appeal to a broader range of investors.