Warren Buffett.
Gerald Miller | CNBC
Warren Buffett’s net worth exceeded $ 100 billion for the first time when Berkshire Hathaway shares rallied to record highs.
Berkshire’s Class A shares closed Wednesday at a record high of $ 399,650, up 2021 from 2021. This placed the massive “Oracle of Omaha” stake in the conglomerate at a market value in excess of $ 99.5 billion. Considering Buffett’s other holdings, Forbes estimated that the legendary investor’s fortune reached $ 100.5 billion as of Thursday, making him the sixth richest person in the world.
Buffett, 90, currently owns 249,000 Berkshire Class A shares, giving him 38% ownership of the conglomerate, according to FactSet. The maximum intraday share of $ 407,750 on Wednesday, Buffett’s stake was worth $ 101.5 billion.
His fortune was estimated at $ 73.5 billion in September 2020, according to Forbes.
Buffett has contributed Berkshire “B” shares to the Gates Foundation and other family foundations since 2006, valued at more than $ 37 billion, Berkshire said in a statement in July.
Wall Street analysts and investors have grown downward in Berkshire after the conglomerate became a better-than-feared 2020, even as some of its businesses such as rail and retail suffered damage from the pandemic. Revenue amounted to $ 245.5 billion in 2020, just a year-on-year decline of 3.5%.
Many said Berkshire is well positioned to benefit from the historic economic reopening, as its large number of large companies are about to experience above-average growth, including insurance, transport, utilities, retail and manufacturing.
Berkshire shares regained the record after the conglomerate repurchased a record level of its own shares in 2020, totaling $ 24.7 billion.
Its strong gains in the equity portfolio also helped the conglomerate offset some of the impact of the pandemic. Berkshire is still sitting in a huge cash war chest with more than $ 138 billion by the end of 2020.