The 89-year-old billionaire and Apple investor, Warren Buffet has finally given in and upgraded from his flip phone to an iPhone. He adds that Apple is “probably the best business I know in the world”.
The ‘Oracle of Omaha’ said to CNBC in an interview that his flip phone is permanently gone. He also added that he’d been gifted several iPhones over the years, including some from Apple CEO Tim Cook but he hasn’t used them.
Buffett’s Berkshire Hathaway holds a 5.7% stake in Apple stock. The stock is worth about $72 billion according to Securities and Exchange Commission filings and Berkshire Hathaway’s annual shareholder letter.
“I don’t think of Apple as a stock. I think of it as our third business. It’s probably the best business I know in the world. And that is a bigger commitment that we have in any business except insurance and the railroad,” Buffett said.
Buffett’s Berkshire Hathaway has been buying Apple shares since May 2016.
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He says the iPhone is an “incredibly useful product to people that grows more useful” as it becomes more popular.
“The smartphone is part of hundreds and hundreds of millions of people’s lives, I should’ve appreciated it earlier,” he added.
An Apple product may also play a key role in the upcoming Berkshire Hathaway annual meeting in Omaha, Nebraska, in May, Buffett hinted.
Buffett joked that the video for the meeting will:
“Probably show me crushing with my foot my old flip phone while cozying up to the new smartphone.”
Warren Buffett’s former phone was a Samsung SCH-U320. While showing it off to CNN in 2013, he joked that Alexander Graham-Bell gave it to him.
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