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Warren Buffett’s holding company, Berkshire Hathaway, reported a net loss of $ 49.75 billion in the first quarter after its investment portfolio declined after shocks in the global stock market caused by the coronavirus pandemic.
For the same period last year, the company reported a profit of $ 21.7 billion. Berkshire Hathaway has never announced such a large loss, CNB and CNN reported, cited by TASS.
The holding company owns large stakes in dozens of companies, including airlines, banks, and technology companies. The spread of the virus has severely damaged the United States economy and caused a significant drop in the share prices of many companies.
According to Bloomberg’s latest estimates, Buffett is fifth on the list of the world’s richest people with a fortune of $ 72 billion. It has fallen by about $ 17 billion since the beginning of the year.
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