Warren Buffett's bet on IBM is down more than $787 million
IBM's stock price is down 5.59%, or $9.51, at $160.47 a share as of 10:24 a.m. ET after the company reported declining revenue for a 20th consecutive quarter.
Warren Buffett's Berkshire Hathaway is IBM's largest shareholder and is therefore losing the most money of any IBM shareholder on Wednesday.
As of its last SEC filing, Buffett's Berkshire Hathaway owns 81.249 million shares of IBM, or 8.61% of the total shares outstanding, Bloomberg data shows.
That means Berkshire has lost more than $772 million as a result of Wednesday's selling.
No one knows the exact number of IBM shares Berkshire holds because the company could have bought or sold shares between filing periods.
According to CNBC, "The chairman of Berkshire Hathaway bought IBM shares at an average price of $170.43 per share," meaning his position is down about $787.3 million on his last known position.
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