According to CNBC, for the first time Warren Buffett’s net worth surpassed $100 billion as Berkshire Hathaway shares rallied to record highs.
On Wednesday, Berkshire’s Class A shares closed at a record high of $399,650, bringing its 2021 advance to more than 14%. That put the “Oracle of Omaha” massive stake in the conglomerate at a market value above $99.5 billion. As of Thursday, Buffett’s other holdings, Forbes estimated that the legendary investor’s fortune reached about $100.5 billion, making him the sixth richest person in the world.
Per FactSet report, Buffett currently owns 249,000 shares of Berkshire Class A stock, giving him a 38% ownership of the conglomerate. At the stock’s intraday high of $407,750 Wednesday, Buffett’s stake was worth $101.5 billion.
According to Forbes, in September 2020, Buffett’s fortune was estimated at $73.5 billion.
Wall Street analysts and investors have grown bullish on Berkshire after the conglomerate turned in a better-than-feared 2020 even as some of its businesses like railroad and retail suffered damage from the pandemic. Revenues totaled $245.5 billion in 2020, only a 3.5% year-over-year decline.
After the conglomerate brought back a record level its own shares in 2020 totaling $24.7 billion, Berkshire’s shares bounce back to a record.
After gaining strong in its equity portfolio, Berkshire is still sitting on a huge cash war chest with more than $138 billion at the end of 2020, and also helped the conglomerate offset some of the pandemic impact.