Charles Esther
At Berkshire Hathaway’s annual meeting, Warren Buffett showered Apple CEO Tim Cook with high praise, highlighting his remarkable leadership and the immense value Cook has created for Apple.
Buffett, who has been a long-time supporter of Apple, took the opportunity to express admiration for Cook’s accomplishments at the helm of the tech giant. The Berkshire Hathaway CEO humorously noted that Cook had generated far more money for Berkshire than he had personally, a lighthearted comment that earned laughter from the audience.
Berkshire’s Profitable Investment in Apple
Buffett’s remarks come after Berkshire Hathaway made significant gains from its investment in Apple. Between 2016 and 2018, Berkshire Hathaway invested around $35 billion into Apple. By the end of 2023, that investment had grown to $173 billion, marking a substantial return.
Despite the success, Berkshire sold two-thirds of its Apple stake in the first three quarters of 2024. By the end of December, Berkshire was left with 300 million Apple shares, worth approximately $62 billion at Friday’s closing price of $205 per share.
Buffett Compares Tim Cook to Steve Jobs
In his remarks, Buffett also took the opportunity to compare Tim Cook to Apple’s iconic co-founder, Steve Jobs. He acknowledged the unique role Jobs played in creating Apple, calling him a visionary whose impact on the tech industry was unmatched. However, Buffett also emphasized that while Jobs was crucial to the creation of Apple, it was Tim Cook’s leadership that allowed the company to flourish in ways Jobs could not have foreseen.
“I knew Steve Jobs briefly,” Buffett shared, highlighting Jobs’ unparalleled abilities to create innovative products. But he went on to say, “Nobody but Steve could have created Apple, but nobody but Tim could have developed it like it has.”
Apple’s Explosive Growth Under Tim Cook’s Leadership
Under Tim Cook’s leadership, Apple has experienced phenomenal growth. When Cook took over in 2011, Apple’s stock was priced under $15 on a split-adjusted basis. Today, Apple’s stock price has surged to $205, a 14-fold increase, pushing the company’s market capitalization to over $3 trillion.
This impressive growth under Cook’s leadership is a testament to his ability to guide Apple to new heights, further solidifying his reputation as a one-of-a-kind leader in the tech industry.
