Apple received a $1 billion investment from one of the most influential investors in the world
They call him the "Oracle of Omaha" because he just seems to know how to pick stocks that go up.
Still, Warren Buffett (and his deputies) aren't perfect.
Buffett's company, Berkshire Hathaway, dropped about $1.1 billion on Apple stock in the first quarter of 2016, snapping up 9.8 million shares in the company, according to a company filing on Monday.
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It's Buffett's first major bite of Apple, and so far, it's a bit sour.
Apple's stock has struggled so far this year after reporting its first sales decline in more than a decade. Buffett's original investment is now worth about $888 million, a decline of more than $200 million in a matter of months.
Companies like Berkshire Hathaway are required by the Securities and Exchange Commission to disclose their investments at the end of each quarter, meaning that four times a year the public gets a look at how some of the biggest investments are positioned.
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Buffett's investments, through Berkshire Hathaway, are some of the most closely watched. His career has become legendary among investors. Buffett began selling chewing gum as a six-year-old to one of the richest self-made people in history.
His net worth is now estimated to be around $66 billion, according to Forbes.
Buffett's popularity means that when he buys certain stocks -- or more precisely, when it's revealed he has purchased certain stocks -- they tend to go up partially just due to his influence.
That appeared to happen on Monday morning, as Apple shares rose 2.2% to start the week.
It is, however, important to note that reports indicate Buffett himself did not make the investment. It was made by one of his deputies, who also have control of billions of dollars in investment capital.
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Even without Buffett's personal touch, the move came as a bit of a surprise. Buffett is known for avoiding tech companies, since they tend to be rather expensive by some classic investing metrics.
That position seems to be changing slightly. Buffett has also been associated with a bid for Yahoo, although only in terms of financing for another party.
Topics Apple
Jason Abbruzzese is a Business Reporter at Mashable. He covers the media and telecom industries with a particular focus on how the Internet is changing these markets and impacting consumers. Prior to working at Mashable, Jason served as Markets Reporter and Web Producer at the Financial Times. Jason holds a B.S. in Journalism from Boston University and an M.A. in International Affairs from Australian National University.
