Warren Buffett , CEO of Berkshire Hathaway , has praised Apple CEO Tim Cook for his leadership and the immense financial growth he has overseen at the tech giant. The legendary investor’s commendations came during his opening remarks at Berkshire Hathaway’s annual meeting on Saturday (May 3), even after his conglomerate significantly reduced its stake in Apple last year.
“Tim Cook has made Berkshire a lot more than I have made Berkshire,” Buffett said amid a laughing audience.
"Credit should be given to him," he said, highlighting the appreciation of Berkshire's approximately $35 billion investment in Apple made between 2016 and 2018, which ballooned to a staggering $173 billion by the end of 2023.
Despite this success, Berkshire Hathaway sold off roughly 67% of its Apple shares during the first three quarters of 2024. By the end of December 2024, the investment firm held only 300 million Apple shares, valued at approximately $62 billion based on Friday's (May 2) closing price of $205 per share.
Buffett compares Tim Cook with Steve Jobs
In what can be called a high compliment, Buffett compared Cook to Apple's iconic co-founder, the late Steve Jobs.
“I knew Steve Jobs briefly,” Buffett stated, acknowledging that the creator of the iPhone “of course did things that nobody else could have done.”
“Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has,” Buffett said while emphasising Cook's unique contributions.
Since Tim Cook took over as CEO in 2011, Apple's stock has witnessed an extraordinary surge, climbing from under $15 on a split-adjusted basis to $205. This roughly 14-fold increase has propelled Apple's market capitalisation to over $3 trillion, underscoring the financial success the company has achieved under Cook's leadership.
“Tim Cook has made Berkshire a lot more than I have made Berkshire,” Buffett said amid a laughing audience.
"Credit should be given to him," he said, highlighting the appreciation of Berkshire's approximately $35 billion investment in Apple made between 2016 and 2018, which ballooned to a staggering $173 billion by the end of 2023.
Despite this success, Berkshire Hathaway sold off roughly 67% of its Apple shares during the first three quarters of 2024. By the end of December 2024, the investment firm held only 300 million Apple shares, valued at approximately $62 billion based on Friday's (May 2) closing price of $205 per share.
Buffett compares Tim Cook with Steve Jobs
In what can be called a high compliment, Buffett compared Cook to Apple's iconic co-founder, the late Steve Jobs.
“I knew Steve Jobs briefly,” Buffett stated, acknowledging that the creator of the iPhone “of course did things that nobody else could have done.”
“Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has,” Buffett said while emphasising Cook's unique contributions.
Since Tim Cook took over as CEO in 2011, Apple's stock has witnessed an extraordinary surge, climbing from under $15 on a split-adjusted basis to $205. This roughly 14-fold increase has propelled Apple's market capitalisation to over $3 trillion, underscoring the financial success the company has achieved under Cook's leadership.
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