According to Neil Cybart, a $4 billion sale would have required his personal approval.
From “Warren Buffett Cuts Apple Stake” posted Tuesday to Above Avalon subscribers:
This latest action represents the most aggressive trimming Buffett has done to Berkshire’s Apple stake.
Back in 2018, Berkshire trimmed its Apple stake by 12M shares as one of Buffett’s portfolio managers, Todd Combs or Tedd Weschler, cut his Apple stake in half to buy something else. Combs and Weschler each have ~$13B to manage. Berkshire sold another 15M shares earlier this year.
Given the size of this most recent Apple sale (36M shares), the selling was very likely driven by Buffett himself.
At its peak, Berkshire’s Apple stake stood at 1.02B shares. The $113B stake now consists of 944M shares (vs. 980M shares at the end of June). This means Buffett has cut his AAPL stake by 7.5% from the peak. Buffett’s cost basis in Apple is around $35 per share.
My take: Nice cost basis!