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Warren Buffett has been a fixture at the top of the global wealth rankings for decades, but in recent years he has slumped to the bottom of the list as the fortunes of tech investors have skyrocketed and his equity stake s ‘is reduced.
90-year-old Berkshire chairman Hathaway’s fortune soared to $ 100.4 billion on Wednesday, according to the Bloomberg Billionaires Index, making Buffett the sixth member of the $ 100 billion club, a group that includes Jeff Bezos , Elon Musk and his friend Bill Gates. He was seen by “Al-Arabiya.net.”
The combined wealth of the group has grown rapidly, supported by government incentives, central bank policy and a booming stock market.
President Joe Biden’s $ 1.9 trillion Covid-19 relief bill on Wednesday lifted Congress’ latest hurdle as the House voted to pass the bill, adding to the roughly 3 trillions of dollars in stimulus that Washington had already disbursed last year.
Berkshire Hathaway has been the source of nearly all of Buffett’s wealth, with the company’s Class A shares rising 15% this year, aided by Buffett’s recent push to spend record sums to buy back Berkshire private shares. , a remarkable change for an investor who previously preferred to use a $ 138 billion cash stack to buy other companies or common stocks.
Share buyback
Buffett has struggled in recent years to find large contracts to boost Berkshire’s growth, in part due to the size of the company. This has resulted in trading performance below the S&P 500 over the past five years. But last year, Buffett spent a record $ 24.7 billion on buybacks and deposits, indicating he had already bought $ 4.2 billion worth of shares in mid-February.
Although his fortune exceeded $ 100 billion, that wealth would have doubled had his gift been added in 2006 to over $ 37 billion, representing half of his Class A shares in Berkshire Hathaway, and according to his calculation, the Buffett’s fortune could exceed $ 192 billion. .
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