The third richest man in the world, Warren Buffet has just bought another 75 million shares of Apple stock. This helped boost Apple's share price to a record position at $ 184.25 before closing at $ 183.83 at the close of trading on Friday.
Apple shares, which rose 3.9%, also set a record as the largest weekly stock price increase for this technology giant since October 2011.
Buffett's action to buy shares of Apple also gave a positive sentiment to the iPhone's manufacturer head to head with other tech giants.
At the same time the Dow Jones Index dropped 100 points after opening as Amazon, Alphabet, Netflix and Facebook surged into the red zone, but Apple jumped nearly 4% into a record position.
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"I think he has not finished yet, I think the amount of investment in Apple will go up higher and maybe even much higher," said Wedgewood Partners CEO David Rolfe.
Apple CEO Tim Cook said it welcomes Buffett and Berkshire as one of the major investors in the company.
"Personally, I have always admired Warren and always be grateful for the insights and advice," Cook said.
Buffett’s increased stake, which was confirmed by a representative of the billionaire investor, pushed Apple’s shares up as much as 4.2 percent to $184.25, taking the company’s market value to about $930 billion.
Apple declined to comment on Friday.
“If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States,” Buffett told CNBC, which first reported the news on Thursday.
Friday’s rise was the stock’s second significant gain this week after the Cupertino, California-based company surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.
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