Date
30 March 2017
Warren Buffett, whose fortune is mostly in Berkshire shares, has lost US$1.6 billion in the sell-off. Photo: Bloomberg
Warren Buffett, whose fortune is mostly in Berkshire shares, has lost US$1.6 billion in the sell-off. Photo: Bloomberg

Buffett loses US$1.4 bln as Wells Fargo tumbles on scandal

Warren Buffett has lost another US$1.4 billion of his wealth after Wells Fargo & Co. fell 3.3 percent amid revelations bank employees opened more than two million accounts without client approval.

Berkshire Hathaway Inc., the lender’s biggest shareholder, fell 2 percent, causing the 86-year-old’s fortune to drop more than anyone else’s on the Bloomberg Billionaires Index.

The US investor is the world’s fourth-richest person with a net worth of US$65.8 billion.

Tuesday’s decline came amid a global equity sell-off that has wiped out US$93 billion from the world’s 400 biggest fortunes since Friday.

The billionaires shed US$37.3 billion Tuesday as stocks and bonds both slumped, and oil sank after the International Energy Agency’s prediction that a glut will extend into next year.

The world’s second-richest person, Inditex SA founder Amancio Ortega, leads the 400 richest people with a decline of US$3.3 billion since the sell-off began, according to the index.

Microsoft Corp. co-founder Bill Gates, the world’s richest person with US$87.3 billion, has lost US$2.4 billion.

Amazon.com Inc. founder Jeff Bezos, the world’s third-richest person with US$66.2 billion, has shed US$1.9 billion.

Buffett, whose fortune is mostly in Berkshire shares, has lost US$1.6 billion in the sell-off.

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