Despite fears that Donald Trump’s election as president could send the markets into a downswing, the world’s second richest man and Berkshire Hathaway CEO Warren Buffett has seen a substantial rise in his net worth following the Nov. 8 election.
Buffett, who supported Democratic nominee Hillary Clinton’s presidential campaign, has long maintained that the U.S. economy did not stand to lose in the long run no matter who emerged victorious in any individual election. His words can now be backed by his net worth.
The 86-year-old saw a rise of 9 percent, or $6.4 billion, in his net worth since the 2016 presidential election. Buffett’s net worth reached $73.9 billion on Tuesday, Fortune reported, making him the second richest man behind Microsoft founder Bill Gates. According to Forbes 400 for last year, Buffett had slipped to the third position after having been overtaken by Amazon’s Jeff Bezos.
Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks at the Fortune’s Most Powerful Women’s Betorder Summit in Washington, DC, Oct. 13, 2015. Photo: REUTERS/Kevin Lamarque/File Photo
Buffett’s comeback as the world’s second richest man can largely be credited to his 18 percent stake in Berkshire, which saw a 10.8 percent increase in its share value since Trump’s election. Last week, Buffett revealed that Berkshire, since Nov. 8, had added almost $12 billion in common stocks to its investment portfolio.
Fears in the corporate circles following the construction mogul’s election were allayed once investors received the indication that Trump will be pushing for more business-friendly policies and the phenomenon began to be referred to as the “Donald Trump rally,” Fortune reported.
Buffett’s belief in the American economy was reiterated in his annual letter to Berkshire shareholders last year.
“For 240 years it’s been a terrible mistake to bet against America, and now is no time to start,” Buffett wrote. “America’s golden goose of commerce and innovation will continue to lay more and larger eggs. America’s social security promises will be honored and perhaps made more generous. And, yes, America’s kids will live far better than their parents did.”
Our editors found this article on this site using Google and regenerated it for our readers.
