Investor Warren Buffett’s fortune jumps, becomes sixth member of $100 billion club – Business News , NewsGater

File image of Warren Buffett, Chairman and CEO of Berkshire Hathaway. AP

Omaha: Investor Warren Buffett’s fortune surpassed $ 100 billion on Wednesday when his company’s shares hit a record high of more than $ 400,000 a piece.

Berkshire Hathaway’s Class A shares rose to $ 407,750 on Wednesday before losing ground to close the day at $ 398,840. The Omaha, Nebraska-based conglomerate’s Class B shares were selling for a much more affordable price of $ 263.99.

Berkshire shares have generally risen over the past two weeks since Buffett published his annual letter to shareholders late last month. Even with the coronavirus pandemic weighing on many of Berkshire’s businesses, the company reported a profit of $ 35.8 billion in the fourth quarter, largely due to paper gains on the value of its investments.

Buffett’s fortune, which is tied primarily to his ownership of 248,734 Class A shares, topped $ 101 billion at the share’s peak on Wednesday. But it would be worth so much more if he hadn’t been giving away large blocks of Berkshire Hathaway stock annually to the Bill and Melinda Gates Foundation and various other charities since 2006.

Buffett estimates that the shares he has donated to charities over the years were worth more than $ 37 billion in total at the time they were given away.

The 90-year-old investor was once the richest man in the world, but has returned to number 5 in Forbes the magazine’s current list of the richest people in the world. Amazon’s Jeff Bezos is listed as the richest man in the world with a fortune of $ 179.6 billion.

Buffett’s Berkshire owns more than 90 companies, including BNSF Railroad, Geico Insurance, and several major utility companies. The conglomerate also owns manufacturing, furniture, footwear, jewelry, chocolate, underwear and brick companies. And Berkshire has significant investments in Apple, Coca-Cola, Bank of America, American Express and other stocks.