Warren Buffett.
Gerald Miller | CNBC
Warren Buffett’s net worth was more than $ 100 billion for the first time when Berkshire Hathaway shares rose to record highs.
Berkshire’s A shares closed at a record high of $ 399,650 on Wednesday, bringing the 2021 advance to more than 14%. This amounted to the “Oracle of Omaha” stake in the conglomerate at a market value of more than $ 99.5 billion. Taking into account Buffett’s other holdings, Forbes estimates that the legendary investor’s fortune reached about $ 100.5 billion as of Thursday, making him the sixth richest person in the world.
The 90-year-old Buffett currently owns 249,000 shares in Berkshire Class A shares, giving FactSet a 38% ownership of the conglomerate. At the intraday high of $ 407,750 on the stock, Buffett’s stake was worth $ 101.5 billion.
According to Forbes, its fortune in September 2020 was estimated at $ 73.5 billion.
Buffett has contributed Berkshire B shares to the Gates Foundation and other family foundations worth more than $ 37 billion since 2006, Berkshire said in a statement in July.
Wall Street analysts and investors have been strong over Berkshire after the conglomerate took place in a better-than-dreaded 2020, even though some of its businesses such as railways and retail suffered as a result of the pandemic. Revenue amounted to $ 245.5 billion in 2020, just a 3.5% year-over-year decline.
Many have said that Berkshire is well positioned to take advantage of the historic economic reopening as its large number of large businesses are about to experience above-average growth, including insurance, transport, utilities, retail and manufacturing.
Berkshire’s shares recovered to a record after the conglomerate bought back its own shares in 2020 with a record level of $ 24.7 billion.
Its strong gains in its equity portfolio also helped the conglomerate offset the pandemic impact. Berkshire is still sitting on a large cash war chest with more than $ 138 billion at the end of 2020.