Worried eyes turned to plunging global markets Monday after apprehension built about a possible incoming recession.
Billionaire investor Warren Buffett ignited speculation he’s soured on stocks as Berkshire Hathaway's cash holdings soared to $276.9 billion, in part because Berkshire sold a large portion of its stake in Apple. Buffett, whose influence on the U.S. stock market is significant, reinforced fears the economy may be slowing with his latest move.
But who is Buffett, and how did he accumulate his wealth and influence?
Who is Warren Buffett?
Buffett is a businessman and philanthropist. Known as the “Oracle of Omaha,” Buffett is considered one of the most successful investors of all time. He runs Berkshire Hathaway, a major conglomerate that owns GEICO, Duracell, Dairy Queen and other companies.
Buffett, the son of U.S. Rep. Howard Homan Buffett, was born in Nebraska in 1930. He bought his first stock at age 11 and filed taxes for the first time when he was 13 years old, according to Forbes.
When he took over Berkshire Hathaway in 1965, it was a textile manufacturer. During the 2007-2008 mortgage crisis, he made a series of lucrative deals – investments in Goldman Sachs, General Electric, Coca-Cola and Apple, as well as a purchase of the railroad company Burlington Northern Santa Fe Corporation.
As of 2024, these are the top 10 holdings in the Warren Buffett portfolio , which represent about 87% of the company’s holdings:
- Apple Inc.
- Bank of America Corp.
- American Express Corp.
- Coca-Cola Co.
- Chevron Corp.
- Occidental Petroleum Corp.
- Moody’s Corp.
- Kraft Heinz Co.
- Mitsubishi Corp.
- Chubb Ltd.
Stock market live updates: US markets feeling impact of plunging markets
How old is Warren Buffett?
Buffett is 93 years old. He was born Aug. 30, 1930.
How much is Warren Buffett worth?
Buffett has an estimated net worth of almost $130 billion as of August 2024. According to the Forbes Real-Time Billionaires List, he is the seventh-richest person in the world , ahead of Bill Gates but behind Elon Musk, Jeff Bezos and Mark Zuckerberg.
With Bill and Melinda Gates, Buffett created Giving Pledge, a charitable campaign asking America’s wealthiest people to donate at least half of their wealth to charity. Buffett has promised more than 99% of his wealth will go to philanthropy during his lifetime or at the time of his death.
“Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others,” Buffett wrote on Giving Pledge. “That reality sets an obvious course for me and my family: Keep all we can conceivably need and distribute the rest to society, for its needs.”
Is Jimmy Buffett related to Warren Buffett?
No, Buffett is not related to the late musician Jimmy Buffett . But the pair were close – Jimmy called Warren “Uncle Warren” and regarded him as a business mentor, according to The New York Times. Warren called his friend “Cousin Jimmy.” They even once took a 23andMe DNA test to see if there was a biological connection, the Times reported.
Sad to wake up to the news this morning that Jimmy Buffett has died. Interesting character to be sure. My friend George...
Posted by Alan Paul on Saturday, September 2, 2023
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This article originally appeared on USA TODAY: Who is Warren Buffett? Why investors are looking to the 'Oracle of Omaha' this week
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