According to reports from an SEC filing from his investment company, Berkshire Hathaway, billionaire businessman Warren Buffet has about $1 billion invested in Apple.
The investment by the notoriously tech-shy Buffet will be a much welcomed one, especially as Buffet has shied away from tech investments.
The news also comes a few weeks after Apple reported a slump in iPhone sales as well as iPhone revenue for the first time in 13 years.
Apple's shares rose by 3% to about $93 after news of Warren Buffet's stake in the world's largest company broke.
Last month, following an earnings call that showed that Apple's growth was indeed slowing, the tech giant lost its position as the most valuable company in the world to Google's parent company, Alphabet, for a brief period of time.
The company also lost 45.76 million shares arising from divestment from popular investor Carl Icahn. The activist investor pulled his investments from Apple due to disagreements with CEO Tim Cook on Apple's presence in China.
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