Warren Buffett is again among the many richest 5 folks on the earth amid steep drops in tech shares which might be eroding the wealth of Silicon Valley executives. Buffett’s fortune has grown 7.2% this yr to $116.7 billion as shares of his Berkshire Hathaway Inc. have rallied, placing him in fifth place on the Bloomberg Billionaires Index. Over the identical interval, tech billionaires akin to Tesla Inc.’s Elon Musk and Amazon.com Inc.’s Jeff Bezos have seen their web worths drop by 15% or extra.
It’s the primary time in a yr that Buffett, 91, has ranked this excessive among the many itemizing of the world’s 500 richest folks. He fell as little as eleventh in October.
Traders have fled tech shares in latest weeks, with the Nasdaq Composite Index tumbling 3.6% on Monday to its lowest degree in virtually a yr. U.S. shares general fell probably the most in 17 months as Russia’s invasion of Ukraine has prompted fears of extended oil shortages and accelerating inflation.
On Friday, Berkshire Hathaway disclosed a purchase order of just about 30 million extra shares in Occidental Petroleum Corp., a Houston-based oil and gasoline firm. The deal, value roughly $1.6 billion at noon Monday, helped draw down his firm’s near-record $146.7 billion pile of money.
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