Berkshire Hathaway Sells Nearly Half of Apple Stake

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🌎 World & Economics

Global Markets Crash: Wall Street Plummets Amid Economic Concerns

A significant global sell-off in financial markets was observed on Monday, evoking memories of the 1987 crash, as concerns about a slowing U.S. economy intensified. The S&P 500 saw a significant drop of 3%, marking its worst day in nearly two years, while the Dow Jones Industrial Average lost over 1,000 points. Key stocks, particularly within the technology sector, experienced sharp declines after underwhelming profit reports, raising questions about the sustainability of their soaring valuations amid high interest rates. The volatility in Wall Street is compounded by external geopolitical tensions, such as the ongoing Israel-Hamas conflict, which may further influence market dynamics and the upcoming U.S. elections.

Federal Judge Rules Google Engaged in Illegal Search Market Monopolization

A federal judge has determined that Google has engaged in illegal monopolization of the search market, marking a significant victory for the government in its first major antitrust case against a technology company in over twenty years. Judge Amit Mehta stated that Google's $26 billion payments to secure its search engine as the default option on smartphones and web browsers prevented other competitors from thriving. This ruling underscores the ongoing scrutiny of big tech giants and their market practices. The implications of this decision could reshape the landscape of digital competition moving forward.

📈 Stocks / Finance

Berkshire Hathaway Sells Nearly Half of Apple Stake, Warren Buffett Updates Portfolio

Berkshire Hathaway significantly reduced its stake in Apple, selling more than 49% and bringing its value to $84.2 billion, while Apple remains the largest holding for the conglomerate. This sale is part of a larger trend, as the company offloaded over $75 billion in equities, increasing its cash reserves to an unprecedented $277 billion. Speculations around the motivation for the sell-off include potential tax benefits related to capital gains and the desire to manage portfolio risk, given the large size of the Apple investment. The decision follows a strong performance for Apple shares in the second quarter, prompted by discussions about its advancements in artificial intelligence.

SoftBank Shares Plunge 19%, Costing Masayoshi Son $4.6 Billion

Masayoshi Son, CEO of SoftBank, experienced a significant drop in net worth amounting to $4.6 billion due to a nearly 19% decline in the company's shares amid a broader market sell-off triggered by a rate hike by the Bank of Japan. The Nikkei 225 index suffered a notable 12.4% loss, marking its worst day since 1987. Prior to these declines, SoftBank shares had benefited from a strong performance earlier in the year, largely driven by the recovery of the Vision Fund and the rise in share prices of Arm, a key asset. As SoftBank prepares to report fiscal first-quarter earnings, stakeholders remain optimistic about potential recovery trends within the Vision Fund.

🪙Crypto

Tezos' Kathleen Breitman: Bitcoin's Value Store Narrative Crumbling

Tezos co-founder Kathleen Breitman expressed concerns about Bitcoin's diminishing reputation as a reliable store of value during a discussion on a financial program. She addressed the current state of the cryptocurrency market amid a significant global sell-off. Insights shared highlighted the challenges facing Bitcoin and the broader implications for the cryptocurrency landscape. The dialogue underscored the volatility and uncertainty that characterize the present market conditions.