Gerald Miller | CNBC
Warren Buffett’s net worth topped $ 100 billion for the first time when Berkshire Hathaway stocks hit record highs.
Berkshire’s Class A shares closed Wednesday at a record high of $ 399,650, up more than 14% from 2021. Thus the company “Oracle of Omaha” was massively involved in the conglomerate and had a market value of over 99.5 billion US dollars. Taking into account Buffett’s other holdings, Forbes estimated the legendary investor’s net worth reached approximately $ 100.5 billion on Thursday, making him the sixth richest person in the world.
The 90-year-old Buffett currently owns 249,000 Berkshire Class A shares, which according to FactSet holds a 38% stake in the conglomerate. At the stock’s intraday high of $ 407,750 on Wednesday, Buffett’s stake was $ 101.5 billion.
According to Forbes, his net worth was estimated at $ 73.5 billion as of September 2020.
Buffett has donated Berkshire “B” shares to the Gates Foundation and other family trusts worth more than $ 37 billion since 2006, Berkshire said in a July statement.
Wall Street analysts and investors have become bullish in Berkshire after the conglomerate hit a better-than-feared 2020, despite the pandemic hurt some of its businesses like railroad and retail. Revenue in 2020 was $ 245.5 billion, down 3.5% year over year.
Many said Berkshire was well positioned to benefit from its historic economic reopening as its numerous large companies will see above-average growth, including insurance, transportation, utilities, retail and manufacturing.
Berkshire shares rebounded to a record high after the conglomerate bought back its own shares in 2020 at a record high totaling $ 24.7 billion.
The strong gains in the stock portfolio also helped the conglomerate offset some of the effects of the pandemic. Berkshire is still sitting on a huge cash box with more than $ 138 billion by the end of 2020.