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ViaDerma Inc is a specialty pharmaceutical company focused to bring new products to market through research and development. It is engaged in the business of manufacturing and sales of pharmaceuticals, and specifically topical antibiotics and pain management in the United States of America. Its sells under the brand name Vitastem. The Company also has products in development in the fields; anti-aging skin care, pain management, hair-loss, and toenail fungus.

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&#8220;I can't think of anyone else who is a greater source of meta than Donald Trump.&#8221;
Steven Steele, chief marketing officer of MAGA Memecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>), the Trump-themed cryptocurrency that has been making waves for being the former president&#8217;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38554649/how-bad-is-donald-trumps-crypto-portfolio-down-with-bitcoin-below-58k">biggest portfolio holding</a>, thinks it is &#8220;increasingly likely&#8221; the 45th president becomes the 47th president of the United States.
In that case, we could be provided with &#8220;four more years of hilarity and catalysts,&#8221; Steele told Benzinga in an interview. 
<a href="https://www.benzinga.com/general/politics/24/05/38598789/trump-vs-biden-2024-election-frontrunners-tied-in-new-poll-which-candidate-gains-in-popularity-a">Polls</a> have the former and the current presidents neck-and-neck, as have <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1714818859506">prediction markets</a>, which gave Trump a two-point edge over Joe Biden, as of May 4. 
Whether he secures a successful re-election bid or not, interest in Donald Trump will likely intensify between now and Nov. 5.
And with it, the appeal of investing in TRUMP, Steele said. He told Benzinga he cannot think of any person that will be covered more than Trump going into the election season &#8220;and probably beyond.&#8221;
<h2 class="wp-block-heading">How MAGA Memecoin Turned &#8216;The Most Covered Person&#8217; Into A Cryptocurrency</h2>
Andrew Kang, a crypto venture capitalist, <a href="https://twitter.com/Rewkang/status/1754644977777258637">sees</a> Trump as &#8220;one of the best attention monopolizers in the world.&#8221;
His fund Mechanism Capital announced on Feb. 6 that it had accumulated TRUMP — the first meme coin than can &#8220;rival Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>).&#8221;
Indeed, among meme coins, MAGA Memecoin is somewhat of a pioneer. It was the first to successfully introduce a meme coin based on a real-world person or cultural phenomenon. Speculating on the attention created by certain events, such as <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/36037143/after-munger-coins-crash-kissinger-tokens-flood-crypto-space-following-his-death-at-100">the death</a> of former Secretary of State Henry Kissinger, has since become a staple of the meme coin circus.
Steele, who initially was just an investor in TRUMP, said the &#8220;enormous potential&#8221; made him join as chief marketing officer. Following its inception in August 2023, TRUMP grew to a preliminary peak of $448 million in market capitalization on March 5 and is currently trading around a valuation of $220 million.
Steele attributes this rise in value to several key points:
Consistent marketing: MAGA Memecoin holds weekly spaces for its community and publishes Trump-themed memes on its X <a href="https://twitter.com/MAGAMemecoin">account</a>.
Philanthropic action: The project has donated over $1 million in Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) for 37 straight weeks to support for homeless veterans and the prevention of child trafficking. Steele pointed out this was one of key points that drew him in, with the National Veterans Homeless Support being able to scale its operation thanks to the donations.
Partnerships: MAGA Memecoin recently <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38299089/trump-related-maga-memecoin-onboards-roger-stone-as-partner">announced</a> it had onboarded controversial political figure and self-proclaimed &#8220;agent provocateur&#8221; Roger Stone as a partner. 
But the inevitable consequence of success is competition, a rule that applies even — or particularly — to meme coins.
Read Also: <a href="http://Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: 'Above $67,000 We Fly Like A Bird,' Claims Trader">Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: &#8216;Above $67,000 We Fly Like A Bird,&#8217; Claims Trader</a>
<h2 class="wp-block-heading">&#8216;To Get Unprecedented Results, You Have To Do Unprecedented Things&#8217;</h2>
In a March <a href="https://www.coindesk.com/markets/2024/03/02/trump-maga-meme-coins-are-the-first-experiment-in-polifi/">interview</a> with Coindesk, Steele said he wants TRUMP &#8220;up there with a DOGE or SHIB, that kind of scale and market cap and popularity.&#8221; 
Asked how to make that a reality, Steele told Benzinga, &#8220;To get unprecedented results, you have to do unprecedented things.&#8221; 
Signing Stone is one example of that, Steele pointed out, as it brought MAGA Memecoin a lot of &#8220;normie&#8221; investors that bought TRUMP as their first cryptocurrency. 
But since Steele&#8217;s March interview, the political meme coin landscape has changed. TRUMP isn&#8217;t the only politicial meme coin anymore. 
In fact, it currently isn&#8217;t even the biggest one. BODEN (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">BODEN</a>) a <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38077441/jeo-boden-meme-coin-clocks-new-all-time-high-on-56-daily-surge-1b-market-cap-is-absolute-f">meme coin parodying Biden</a> with intentionally poor spelling and cartoons, has recorded an astronomic surge to over $700 million in market capitalization and is currently trading at a valuation of around $290 million. The emergence of a quasi-rival has even sparked a <a href="https://polymarket.com/event/trump-vs-boden-first-to-1b?tid=1714822446721">prediction market</a> about which meme coin would get to $1 billion first (BODEN is leading TRUMP 54% to 46%).
Steele told Benzinga he is aware of the coin —&nbsp;and others that have boarded the &#8220;PoliFi&#8221; meta —&nbsp;but isn&#8217;t worried by or interested in them.
Indeed, a de facto rivalry between the two meme coins, similar to that between Dogecoin and Shiba Inu, could be positive and create more interest and loyalty among holders.
But what does the man whose face is on the memes powering MAGA Memecoin think of all of this?
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38611669/dogecoin-is-primed-for-higher-but-pepe-is-on-a-moon-mission-exclaims-trader">Dogecoin Is &#8216;Primed For Higher&#8217; But Pepe Is &#8216;On A Moon Mission,&#8217; Exclaims Trader</a>
<h2 class="wp-block-heading">&#8216;More Than Enough Reasons To Believe&#8217; Trump Knows Of TRUMP</h2>
Donald Trump&#8217;s stance on Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and crypto has shifted from considering them a &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/21/09/22753280/former-us-president-donald-trump-crypto-is-a-disaster-waiting-to-happen?utm_campaign=partner_feed&amp;utm_source=yahooFinance&amp;utm_medium=partner_feed&amp;utm_content=site">disaster waiting to happen</a>&#8221; and being &#8220;not a big fan&#8221; in 2021 to now expressing enjoyment with crypto and the &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38048368/donald-trump-says-hes-making-money-from-crazy-new-currencies-which-cryptos-does-he-hold">crazy new currencies</a>&#8221; apart from Bitcoin.
Steele thinks there are &#8220;more than enough reasons to believe&#8221; the former president is aware of the meme coin his personality started, especially considering Stone was a consultant for Trump&#8217;s 2016 campaign. He suggested that Trump may have been referring to MAGA Memecoin in his mention of &#8220;crazy new currencies.&#8221;
Steele also shared that Trump is aware and a fan of Shawn Farash, the host of the project&#8217;s weekly spaces and a proficient Trump impersonator.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">TRUMP&#39;S UNCENSORED THOUGHTS ON THE BRAGG TRIAL!<a href="https://twitter.com/hashtag/Trump?src=hash&amp;ref_src=twsrc%5Etfw">#Trump</a> <a href="https://twitter.com/hashtag/MAGA?src=hash&amp;ref_src=twsrc%5Etfw">#MAGA</a> <a href="https://twitter.com/hashtag/GagOrder?src=hash&amp;ref_src=twsrc%5Etfw">#GagOrder</a> <a href="https://t.co/FLUArTXSic">pic.twitter.com/FLUArTXSic</a>
&mdash; Shawn Farash &#x274c;&#x1f43b; (@Shawn_Farash) <a href="https://twitter.com/Shawn_Farash/status/1783881021223501955?ref_src=twsrc%5Etfw">April 26, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Trump&#8217;s allocation of TRUMP was an intentional &#8220;strategically savvy and hilarious&#8221; move by the project to promote the coin. And, just as planned, it has since become Trump&#8217;s biggest holding.
But what if Trump sells &#8220;his bag&#8221; of MAGA Memecoin? If the meme coin were to appreciate going into the election season, Trump&#8217;s current holdings of $2.73 million may prompt him to think about cashing out.
Steele acknowledged the possibility but does not see it as a problem. Similar to the 2021 incident when Ethereum co-founder Vitalik Buterin <a href="https://www.benzinga.com/markets/cryptocurrency/21/05/21144678/ethereum-co-founder-vitalik-buterin-burns-410-trillion-shiba-inu-tokens-is-the-dogecoin-cl">sold and donated</a> his allocation of SHIB, Steele thinks it may even have a positive impact on MAGA Memecoin.
Whether TRUMP can really become, as Andrew Kang <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/36945628/first-memecoin-ive-seen-that-can-rival-dogeshib-crypto-fund-buys-trump-token">said</a>, the first meme coin to break the reign of dog-themed incumbents remains to be seen. Meme coins like Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) and dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) — yet another dog coin — hold a substantial lead over political meme coins. 
But when considering the combination of the &#8220;<a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38479551/is-the-memecoin-supercycle-over-mad-crypto-alpha-with-ivan">memecoin supercycle</a>&#8221; with the &#8220;<a href="https://www.benzinga.com/news/24/02/36925192/biden-says-2024-race-is-weirdest-campaign-ive-ever-engaged-in-as-trump-oddly-compares-his-looks-to-e">weirdest campaign</a>&#8221; the incumbent president has ever been in, who knows what may happen between now and November?
Read Next: <a href="https://www.benzinga.com/news/24/05/38603980/trump-says-london-paris-no-longer-recognizable-we-cant-let-that-happen-here">Trump Says London, Paris No Longer Recognizable: &#8216;We Can&#8217;t Let That Happen Here&#8217;</a>
Image created using artificial intelligence with Midjourney

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BODEN

$BTC

$DOGE

$ETH

$PEPE

$SHIB

$TRUMP

$WIF

EXCLUSIVE: Trump-Themed MAGA Memecoin Plans To Rival Dogecoin And Shiba Inu With 'Four More Years Of Catalysts'

Donald Trump&#8217;s <a href="https://www.benzinga.com/news/24/05/38584504/trump-could-face-more-gag-orders-in-hush-money-trial-report">New York hush-money case</a> and the U.S. Supreme Court&#8217;s hearing on his presidential immunity have been front and center in recent days, even as the former president is in a close race with President Joe Biden to occupy the White House for a second term. Mary Trump, a clinical psychologist and the niece of the former president weighed in on the case, in an interview on Thursday.
What Happened: Donald Trump&#8217;s two faces were evident amid the trial proceedings last week, <a href="https://www.youtube.com/watch?v=3RI4mr-wIKw">said </a>Mary Trump in an MSNBC interview. 
&#8220;Last week we heard a lot about the split-screen Donald Trump, criminal defendant in a New York City criminal courtroom and then the Supreme Court hearing arguments about whether or not Donald should be immune from any kind of prosecution because apparently members of the Supreme Court think he is a monarch or something,&#8221; she said.
The more crucial concern people should be vigilant about is the split screen of him being the presidential candidate and an &#8220;anti-American authoritarian wannabe,&#8221; she added.
&#8220;The problem is we are seeing these as being treated as two entirely different people,&#8221; Mary Trump said, adding that &#8220;it&#8217;s a the fact that he is a criminal defendant, the fact that he has committed allegedly crimes against the United States of America, have no impact whatsoever on his relevance or his standing as a candidate for the presidency.&#8221;
This is because &#8220;there&#8217;s always a way out for him. There&#8217;s always somebody willing to bail him out even if it looks like there&#8217;s no escape,&#8221; she said. This was seen last week, she added. 
The psychologist, podcaster and author also said she has one particular concern. 
&#8220;As deep the trouble is that he is in, it may not be enough,&#8221; she said.
Mary Trump said her uncle&#8217;s personality is such that he is incredibly good at &#8220;pushing the envelope and pulling back in those rare instances in which he gets pushed back.&#8221; 
&#8220;When he pushes the envelope, he breaks norms, he defies expectations and he gets away with it. Being who he is, he pushes the envelope some more to see what else he can get away with,&#8221; she said.
It is in those instances Donald Trump normalizes outrageous and egregious behavior, she added.
See Also:<a href="https://www.benzinga.com/news/24/05/38585021/biden-vs-trump-battle-sees-one-candidate-maintaining-slender-lead-while-other-made-inroads-with-this"> Biden Vs. Trump Battle Sees One Candidate Maintaining Slender Lead While Other Made Inroads With This Key Voter Category</a>
Mary Trump also said it is the duty of the press to step up. She emphasized that her uncle explicitly stated his intentions to become an authoritarian, strip away women&#8217;s rights, and say whatever he needs to regain power.
&#8220;Once that happens, he will not be stopped,&#8221; she said. 
Mary Trump advised that for those running against Donald Trump, he should be consistently ridiculed. She observed this approach in the courtroom, noting his difficulty in handling the circumstances and his lack of power in that environment.
Mary Trump also asserted that her uncle was selfish and unconcerned about the other individuals trapped in the courtroom with him due to his actions.
More Setbacks: Mary Trump noted that, for the nine instances of gag order violations in the first week of the hush-money trial, Donald Trump was fined $9,000 and warned of imprisonment for any further violations. Prosecutors have submitted four more violations since then, she added.
Mary Trump mentioned that Acting Supreme Court Justice Juan Merchan might not yet jail the former president for these four violations, as they occurred before Donald Trump was held in contempt. However, she did not rule out the possibility of incarceration if another violation occurs.
She also highlighted rumors about Donald Trump&#8217;s legal team representing his presidential campaign for a 2016 incident wanting to drop him as a client.
&#8220;The law firm, LaRocca, Hornik, Greenberg, Kittredge, Carlin &amp; McPartland, cited an &#8216;irreparable breakdown in the attorney-client relationship&#8217; as the reason for their request to withdraw,&#8221; Mary Trump said.
Last week, Los Angeles attorney <a href="https://www.benzinga.com/news/24/05/38604557/trumps-hush-money-trial-lawyer-who-represented-stormy-daniels-reveals-payment-details-reads-out-fund">Keith Davidson took the stand again</a> to discuss the deal he had brokered between the plaintiff Stormy Daniels and Donald Trump&#8217;s ex-attorney Michael Cohen to keep Donald Trump's affair with Daniels a secret from voters, she further noted.
Read Next: <a href="https://www.benzinga.com/money/best-real-estate-stocks-right-now">Best Real Estate Stocks Right Now</a>
Photo: Shutterstock

Politics

Trump's Niece Says Ex-President Has Made It Clear He Wants To Be Authoritarian Upon Returning To Office: 'Once That Happens, He Will Not Be Stopped'

Tuesday's news that the <a href="https://www.benzinga.com/markets/cannabis/24/04/38530190/breaking-dea-reportedly-moves-to-reschedule-cannabis-stocks-rise-sharply-on-the-news">DEA will move to reclassify marijuana</a> as a less dangerous drug after five decades of being in the same classification as heroin, meth and LSD has roiled some Republican opponents. One in particular, Tennessee&#8217;s Bill Hagerty, sees the move as opening the door to social decay, or worse.
Hagerty accused the Democrats of pursuing policies that are pro-criminal and anti-American, warning that such measures would only serve to exacerbate crime rates on American streets.
Lambasting the Democrats' efforts to undertake marijuana policy reform, Hagerty singled out Senate Majority Leader Chuck Schumer.
"What the Joe Biden administration — what Leader Schumer — is trying to do is basically stimulate more crime on American streets," Hagerty said. "Here we have Chuck Schumer basically lowering the barriers for gateway drugs like marijuana, and it's going to damage society, and this is exactly what Democrats have been pushing. This is not good for America."
In a hallway interview on Thursday, Fox News reporter Tyler Olson asked Hagerty about the <a href="https://www.benzinga.com/topic/secure-and-fair-enforcement-safe-banking-act">Secure and Fair Enforcement Regulation (SAFER) Banking Act</a>, which is designed to shield financial institutions that deal with state-licensed marijuana businesses. Hagerty, a member of the Senate Banking and Foreign Relations Committees, dismissed banking reform as enabling a conducive environment for more drug usage in America, saying the U.S. needs to curb rather than encourage drug consumption.
Hagerty then went back to criticizing the Democrats&#8217; motives behind the push for cannabis legalization, which he branded as completely political and geared towards garnering support from a niche demographic ahead of the <a href="https://www.benzinga.com/topic/2024-election">November 2024 elections</a>, rather than addressing broader concerns facing the country.
"If you look at American sentiment, everyone says that America is moving in the wrong direction. But what they're [the Democrats] trying to do is pick off minor issues like this, encouraging drug abuse, frankly. It's obscene that this would be happening," he said.
Hagerty then took another shot at Schumer. "But this is Chuck Schumer's perspective on basically putting another sliver of the Biden fragmented population together to vote for him. It's a shame. Democrats are willing to do anything to maintain power here in Washington."
Despite the increasing trend of states — even traditionally conservative ones like <a href="https://www.benzinga.com/topic/montana-cannabis">Montana</a> — moving towards marijuana legalization, Hagerty has remained steadfast in his opposition. He adamantly rejected the notion of establishing any regulatory framework that would facilitate what he viewed as a harmful culture of drug abuse.
Don Murphy, legalization advocate and co-founder of the American Cannabis Collective&nbsp;(ACC) posted the interview on X.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is Exhibit A why I thought the <a href="https://twitter.com/DEAHQ?ref_src=twsrc%5Etfw">@DEAHQ</a> should announce <a href="https://twitter.com/hashtag/Schedule3?src=hash&amp;ref_src=twsrc%5Etfw">#Schedule3</a> (fwiw, S3 was leaked not announced) on a Friday prior to a recess. Unless they wanted the GOP to embarrass themselves…<a href="https://twitter.com/hashtag/SAFEBanking?src=hash&amp;ref_src=twsrc%5Etfw">#SAFEBanking</a> Thanks to <a href="https://twitter.com/TylerOlson1791?ref_src=twsrc%5Etfw">@TylerOlson1791</a> at <a href="https://twitter.com/FoxNews?ref_src=twsrc%5Etfw">@FoxNews</a> for the questions. <a href="https://twitter.com/AmericanCCo?ref_src=twsrc%5Etfw">@AmericanCCo</a> (Also… <a href="https://t.co/9JQj8LaQFm">pic.twitter.com/9JQj8LaQFm</a>
&mdash; Don Murphy (@donmurphy12a) <a href="https://twitter.com/donmurphy12a/status/1786055582102811042?ref_src=twsrc%5Etfw">May 2, 2024</a></blockquote>
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Come join us at the 19th Benzinga Cannabis Capital Conference in Chicago on Oct. 8 and 9 where we&#8217;ll certainly be discussing these critical issues. It is an essential gathering for innovators eager to lead in the cannabis industry's evolution.&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">Get your tickets now</a>&nbsp;before prices surge by following&nbsp;<a href="https://www.eventbrite.com/e/benzinga-capital-conference-cannabis-fall-2024-tickets-858948065787?aff=oddtdtcreator" target="_blank" rel="noreferrer noopener">this link</a>.
Photo: Courtesy of&nbsp;<a href="https://www.pexels.com/@alesiakozik/" rel="noreferrer noopener" target="_blank">Alesia Kozik&nbsp;</a>on Pexels

Cannabis

Government

Regulations

Legal

GOP Senator Bashes Dems' Push For Marijuana Legalization As Pro-Criminal & Anti-American: 'It's Obscene'

Warren Buffett&#8217;s Berkshire, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) trimmed its position in its key core holding, Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), a <a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why">10-Q report for the first quarter </a>filed with the SEC on Saturday showed.
Paring Equity Bets: Berkshire&#8217;s equity securities investment dropped from $353.84 billion in Q1 2023 to $335.86 billion in Q1 2024. Sector-wise, the firm reduced its exposure to banks, insurance and finance as well as consumer products, while upping its stakes in commercial, industrial and other stocks.
The proportion of money invested in Berkshire&#8217;s five core holdings, namely Apple, Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>), Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) fell from 79% in the year-ago quarter to 75%.
The comparisons vs. a year-ago are as follows:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td></td>
<td>Stake (Q1&#8217;24)</td>
<td>Stake (Q1&#8217;23)</td>
<td>Change</td>
</tr>
<tr>
<td>Apple</td>
<td>$135.4B</td>
<td>$174.3B</td>
<td>(-22.32%)</td>
</tr>
<tr>
<td>Bank of America</td>
<td>$39.2B</td>
<td>$34.8B</td>
<td>+12.64%</td>
</tr>
<tr>
<td>American Express</td>
<td>$34.5B</td>
<td>$28.4B</td>
<td>+21.48%</td>
</tr>
<tr>
<td>Coca-Cola </td>
<td>$24.5B</td>
<td>$23.6B</td>
<td>+3.81%</td>
</tr>
<tr>
<td>Chevron </td>
<td>$19.4B</td>
<td>$18.8B</td>
<td>+3.19%</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/money/how-to-invest-in-startups">How To Invest In Startups</a>
The Apple Math: Apple shares have underperformed this year, shedding 4.63% for the year-to-date period and 10.82% for the first quarter. The decline came amid fears that the company&#8217;s fundamentals would deteriorate amid slow uptake of iPhones in its key China market and elsewhere.
Apple met modest expectations in the March quarter but reported a decline in revenue and earnings compared to the previous year. The company issued a June quarter forecast that was not as worse as feared. That said, investors are still skeptical as the company has not been very proactive with product improvements. Analysts have hinged hopes of a rebound on the launch of the AI-enabled iPhone 16 later this year and the company&#8217;s late entry into the AI arena.
Berkshire&#8217;s $135.4 billion Apple stake in the first quarter suggests the firm may have held 744.65 million shares at the end of the first quarter. The calculation is based on Apple&#8217;s average first-quarter stock price of $181.83. This is a 17.71% reduction from the 904.87 million Apple shares it held at the end of the fourth quarter.
The precise number of Apple shares Berkshire holds will be known when the firm files its 13F report for the first quarter with the SEC.
This marked the second straight quarter that the firm has cut its Apple stake. In the fourth quarter, <a href="https://www.benzinga.com/markets/equities/24/02/37151071/warren-buffetts-apple-appetite-waning-berkshire-trims-top-holding-ditches-big-homebuilder-bulks-">the firm lightened its Apple stake by 10 million shares.</a>
Buffett&#8217;s Take: When Buffett was asked at the annual shareholder meeting whether his views of the economics of Apple&#8217;s businesses or its attractiveness as investment has changed, he replied in the negative.
&#8220;Charlie [Munger] and I looked at common stocks or marketable equities&#8230;as being businesses and so when we own a Dairy Queen or whatever we own it may be, we look at it as a business,&#8221; he said.
&#8220;We can buy really wonderful companies in the market, as businesses we can&#8217;t buy all of them.&#8221;
The billionaire said he does not attempt to predict market or pick stocks. He referred to the book &#8220;Intelligent Investor,&#8221; by Benjamin Graham, which clearly suggests &#8220;if you look at stocks as businesses and treat the market as something that doesn&#8217;t tell you, isn&#8217;t there to instruct you, but it&#8217;s there to serve you, you will do a lot better over time.&#8221;
This is better than taking charts and listening to people talk about moving averages, he said.
Although this approach has changed over the years with the kind of capital the company has, the basic principle was laid out, Buffett said.
The investment guru clarified this was the reason why Berkshire owns Apple, which is a better business. &#8220;We will own, unless something extraordinary happens, we will own Apple, American Express Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>) and Coca-Cola Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) when Greg [Abel] takes over this place,&#8221; he said.
&#8220;We will end up unless something dramatically happens that really changes capital allocation strategy, we will have Apple as our largest investment.&#8221;
Under current conditions, he wouldn&#8217;t mind at all building the cash position considering the alternative available in the equity markets
Apple ended Friday&#8217;s session up 5.98% at $183.38, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>Berkshire&#8217;s Class A shares fell 0.56% to $603,000.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38615551/warren-buffetts-berkshire-to-rake-in-226m-passively-in-a-jiffy-thanks-to-its-core-holding-apple">Warren Buffett&#8217;s Berkshire To Rake In $226M Passively In A Jiffy, Thanks To Its Core Holding Apple</a>
Photo: Shutterstock

Equities

Tech

AAPL

Is This Why Berkshire Reduced Apple Stock By 18% In Q1? Buffett Gives A Convincing Reason

Billionaire investor and investment guru Warren Buffett is admired by novices and experts alike <a href="https://www.benzinga.com/personal-finance/24/05/38616231/warren-buffett-shares-a-secret-weapon-for-success-weve-done-better-by-avoiding-dragons-than-by-s">for his sound financial advice.</a> On Saturday, he shared some pearls of wisdom via a message he released through a letter.
Skimping Costs: Starting off his <a href="https://www.berkshirehathaway.com/message.html">message</a> with a warning that he doesn&#8217;t make stock recommendations, Buffett said consumers can rely on the services of two of Berkshire Hathaway, Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) subsidiary companies GEICO and Borsheim&#8217;s.
&#8220;I have two thoughts regarding your personal expenditures that can save you real money,&#8221; he said.
About 40% of the auto drivers in the U.S. can save money by insuring with GEICO, Buffett said. The figure is not 100% because insurers differ in their underwriting judgments, with &#8220;some favoring drivers who live in certain geographical areas and work in certain occupations more than GEICO does,&#8221; he said.
The billionaire added that GEICO mostly offers &#8220;the low price than does any other national carrier selling insurance to all comers.&#8221; 
Buffett additionally recommended luxury jeweler Borsheims. 
&#8220;Fine jewelry, watches and giftware will almost certainly cost you less at [Borsheims],&#8221; he said. 
&#8220;Our one-store operation, with its huge volume, enables us to operate with costs that are fully 15-20 percentage points below those incurred by our competitors. We pass the benefits of this low-cost structure along to our customers,&#8221; Buffett said.
See Also: <a href="https://www.benzinga.com/money/best-retail-stocks">Best Retail Stocks Right Now</a>
Why It&#8217;s Important: Buffett&#8217;s recommendation, though self-promotional, may come in handy for cash-strapped consumers, who are <a href="https://www.benzinga.com/markets/equities/24/04/38228298/market-turmoil-resumes-as-inflation-rises-more-than-expected-oil-prices-spike-gold-at-record-hig">struggling in an inflationary environment.</a> Consumer price inflation has remained elevated despite the cooling off seen since the June 2022 peak.
Consumers, who fuel two-thirds of the economic activity, are also left to contend with job cuts as companies restructure and right-size in a bid to survive in an inclement economic environment.
So far, spending has held up despite the uncertainties as consumers dip back into their savings and live on credit.
The SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>) rose 1.28% to $73.42 on Friday, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data.</a>
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/38629833/berkshire-hathaways-q1-operating-earnings-surged-39-heres-why">Berkshire Hathaway&#8217;s Q1 Operating Earnings Surged 39% — Here&#8217;s Why</a>
Photo: flickr

Education

Wanna Save 'Real Money?' Buffett Has 2 Pieces Of Advice For Cash-Strapped Consumers

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