Berkshire Hathaway has invested in Apple, marking the first time that Warren Buffett has invested in the tech giant.
Berkshire acquired 9.8 million shares in Apple during the first quarter. The stock was acquired at an average price of $109 a share.
The value of the investment was $1.1 billion but has dropped to around $888 million after Apple shares took a big hit in early 2016. Investors are worried about slowing demand for iPhones.
The company’s stock is down 14% in 2016 and alongside Goldman Sachs is the worst-performing stock on the Dow for early 2016.
Apple is the second biggest tech investment by Berkshire Hathaway after its investment in IBM.
Warren Buffett is also backing a potential takeover bid of Yahoo’s core business, although several bidders are reportedly attempting to take over the struggling legacy business.