Warren Buffett.
Gerald Miller | CNBC
Warren Buffett’s net worth was first $ 100 billion as Berkshire Hathaway shares rallied to hit record highs.
Berkshire’s Class A shares closed at a record high of $ 399,650 on Wednesday, bringing the 2021 advance to more than 14%. That brought the “Oracle of Omaha” tremendous stake in the conglomerate to a market value of more than $ 99.5 billion. Taking into account Buffett’s other positions, Forbes estimated that the legendary investor’s fortune was 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 of Berkshire Class A shares, with which he owns 38% of the conglomerate, according to FactSet. At the stock’s high of $ 407,750 on Wednesday, Buffett’s stake was worth $ 101.5 billion.
According to Forbes, his fortune was estimated at $ 73.5 billion in September 2020.
Buffett has contributed Berkshire “B” shares to the Gates Foundation and other family foundations since 2006, which totaled more than $ 37 billion, Berkshire said in a statement in July.
Wall Street analysts and investors have grown optimistic about Berkshire after the conglomerate went through a better-than-feared 2020, even as some of its businesses, such as railways and retail, were damaged by the pandemic. Revenue in 2020 was $ 245.5 billion, only a 3.5% year-over-year decline.
Many said Berkshire is well positioned to take advantage of the historic economic reopening as the array of major companies is poised to experience above-average growth, including insurance, transportation, utilities, retail and manufacturing.
Berkshire’s stock rebounded to a record high after the conglomerate bought back its own shares in 2020, totaling $ 24.7 billion.
The surge in its equity portfolio also helped the conglomerate offset some of the pandemic impact. Berkshire is still sitting on a massive cash box with more than $ 138 billion by the end of 2020.