David Tepper shorts Apple, bets against Berkshire Hathaway in major bearish pivot

David Tepper’s Appaloosa Management’s latest 13F filing shows the fund opened new put options on 835,000 shares of Apple, worth a notional $241.62M, while also initiating puts on 25,000 shares of Berkshire Hathaway valued at $12.51M.

What the filing actually shows

The positions were disclosed in Appaloosa’s Q2 2026 13F filing, covering holdings as of June 30, 2026, and filed on or around August 14. These are entirely new bearish positions. Tepper had already exited his long Apple holdings in earlier quarters, so this isn’t a hedge against an existing stake. It’s a directional bet.

Put options give the holder the right to sell shares at a predetermined price, meaning they gain value when the underlying stock declines.

The Berkshire Hathaway puts, while smaller at $12.51M in notional value, carry their own symbolic weight. Berkshire, now led by CEO Greg Abel, still counts Apple as its largest corporate holding.

These moves came alongside a broader portfolio cleanup. Appaloosa completely exited 12 other positions during the quarter while consolidating its bets in areas like Amazon. The fund’s total 13F assets sit at roughly $7.7B, making the Apple puts alone about 3% of its disclosed portfolio.

The Berkshire connection adds a layer

Under Greg Abel’s leadership, Berkshire has maintained the massive Apple position that Warren Buffett originally built. Apple has been described as Berkshire’s largest corporate holding, a concentration that effectively makes Berkshire a leveraged bet on Apple’s continued success.

It’s worth noting what Tepper didn’t do. He didn’t short Amazon, where he actually added to his position.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.