Warren Buffett is among the five richest people in the world as tech stocks plunged sharply, decimating the wealth of Silicon Valley executives. Buffett’s fate Shares of its Berkshire Hathaway Inc. have risen 7.2% this year to $116.7 billion, pushing it to fifth place on the Bloomberg Billionaires Index. Over the same period, tech billionaires like Tesla Inc.’s Elon Musk and Amazon.com Inc.’s Jeff Bezos have seen their net worth drop 15% or more.
This is the first time in a year that 91-year-old Buffett has topped the list of the world’s 500 richest people. In October, it fell to the 11th level.
The Nasdaq Composite Index fell 3.6% on Monday to its lowest level in nearly a year, with investors fleeing tech stocks in recent weeks. Overall, US stocks fell by the most in 17 months as Russia’s invasion of Ukraine prompted fears of a prolonged oil shortage and a pick-up in inflation.
On Friday, Berkshire Hathaway disclosed the purchase of approximately 30 million additional shares in Houston-based oil and gas company Occidental Petroleum Corp. The deal, worth about $1.6 billion on Monday afternoon, helped shore up his company’s pile of cash by a record $146.7 billion.
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