Warren Buffett Loses $1.4 Billion on Wells Fargo Scandal
Warren Buffett had $1.4 billion wiped out from his fortune after it was revealed that Wells Fargo employees had opened more than 2 million accounts without clients approval. Berkshire Hathaway, which is the biggest shareholder in Wells Fargo, dropped 2% therefore causing Warren Buffett fortune to drop by $1.4 billion.
“Tuesday’s decline came amid a worldwide equity sell off that wiped out $93 billion from the world’s 400 biggest fortunes since Friday.”
Tuesday’s decline came amid a worldwide equity sell off that wiped out $93 billion from the world’s 400 biggest fortunes since Friday. The billionaires lost $37.3 billion onTuesday as stocks and bonds both slumped, and oil prices sank.
About Berkshire Hathaway
Berkshire Hathaway is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. The company wholly owns GEICO, BNSF, Lubrizol, Dairy Queen, Fruit of the Loom, Helzberg Diamond, Flight Safety International and NetJets and also owns 26% of the Kraft Heinz Company, an disclosed percentage of Mars, Incorporated and significant minority holdings in American Express, The Coca Cola Company, Wells Fargo, IBM and Restaurant Brands International.
Visit: Berkshire Hathaway
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