Omaha, Nebraska-based Berkshire Hathaway announced on Saturday its further reduction of holdings in Apple. As of the end of the quarter, Berkshire's stake in Apple was valued at $69.9 billion, lower than $84.2 billion in the second quarter, indicating a reduction of approximately 25% of the shares of this iPhone manufacturer. Buffett stated in May that compared to the other two companies Berkshire holds, American Express and Coca-Cola, Apple is "even better." He mentioned that Apple may still represent the largest proportion in Berkshire's holdings, indicating that tax issues are the reason for selling stocks, "but at the moment, I am totally fine with building up cash positions."