Mega-rich investor Warren Buffett has finally upgraded to in iPhone, calling Apple the “best business” in the world.
Buffett has long sung the praises of Apple, but he’s never been a smartphone fan, preferring instead to stick with a $20 USD Samsung SCH-U320 flip phone that he joked was given to him by Alexander Graham-Bell. Now, however, he’s finally upgraded to an iPhone 11.
“My flip phone is permanently gone,” Buffett told CNBC. With an estimated $89.5 billion USD net worth, it’s not as if he couldn’t afford the most expensive model, but the 89-year-old didn’t even buy the handset himself. He’s received several of them as gifts, including from Apple CEO Tim Cook.
In the past, Cook has publicly expressed his eagerness to make Buffett jump the ship and switch to an iPhone. He even offered to fly all the way to Omaha and personally provide tech support to Buffett if he needs it.
Apple is Berkshire Hathaway’s third-largest business, with Buffett praising it as “probably the best business I know in the world.” It owns around 5.5 percent of the company, which equates to more than 245 million shares, or almost $72 billion USD
“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said. “It’s probably the best business I know in the world. And that is a bigger commitment than we have in any business except insurance and the railroad.”
Berkshire Hathaway acquired its first 10 million shares of Apple stock in May 2016. By May 2018, the company held 165.3 million shares and bought 75 million more shares.