Warren Buffett’s net worth increased in 2022, ranking him as the fifth richest person in the world.
Buffett’s fortune is down by just $1.48 billion. This outperforms his four tech giants, including his current and former CEOs Elon Musk, Jeff Bezos, Bill Gates, and Larry Ellison.
Buffett’s net worth increased to $107 billion as of Jan. 1, according to the Bloomberg Billionaires Index, which calculates the fortunes of billionaires and updates after the stock market’s trading day closes. The stock market opened on December 30th and was closed on January 2nd for the year-end and New Year holidays.
The stock market faced a tough year as tech stocks fell, but Buffett’s investments performed better and were able to close the gap with Musk, who lost his title as the world’s richest man.
Musk now ranks as the second richest person after his fortune fell by $133 billion to reach a net worth of $137 billion. He now runs Twitter and electric car maker Tesla TSLA – Get Free Report.
His massive loss of net worth came as Tesla shares plummeted on inflation fears, a weakening economy, and distraction from the fickle CEO’s Twitter acquisition.
Microsoft founder Bill Gates’ fortune has fallen by $28.9 billion and is valued at $109 billion.
Amazon founder Jeff Bezos ended the year with a loss of $85.4 billion against a net worth of $107 billion. He is ranked as the sixth richest man by Bloomberg.
Daniel Zuchnik/WireImage via Getty
Berkshire Hathaway buys cicadas, oil and bank stocks
Buffett-run conglomerate Berkshire Hathaway bought more than $4 billion in stake in Taiwanese semiconductor TSM – Get Free Report in the third quarter, and two bank stakes – Bank of New York BK – Get Free Report and US Bancorp USB. sold some shares of – Get your free report, according to a November 14 US Stock Exchange filing.
The giant bought stakes in oil giants Chevron CVX and Occidental Petroleum OXY in the third quarter, as well as 60 million shares in global semiconductor contract producer Taiwan Semiconductor.
Berkshire increased its stake in Chevron by 3.9 million shares for a total of 165.3 million shares and purchased 35 million shares in Occidental Petroleum for a total of 194.3 million shares.
The many challenges of masks
Ever since Musk bought Twitter, it has been at war with the company’s employees and advertisers. He immediately laid off his 50% of staff, including the CEO and his CFO. Hundreds more have left after Mr. Musk set deadlines for working long hours, working weekends, staying “hardcore” or quitting.
Musk even went so far as to battle the Apple AAPL – Get Free Report. He hated the fees (30% cut) charged by tech giants for purchases made on apps distributed through app stores.
In a recent feud, Musk claimed that Apple threatened to “withhold” Twitter from its iOS app store, but didn’t say why.
Musk also tweeted that Apple has “almost stopped advertising” on its social media platforms.
Apple remains Berkshire Hathaway’s top holding, and its share count remained unchanged during the quarter. Berkshire owns 895 million shares of him, which is 40% of his portfolio.
Apple CEO Tim Cook told CBS News on November 15 that moderating Twitter’s content for hate speech is important.
“They say they’re going to stay moderate,” he said. “I hope they keep it going.”
Twitter was acquired by Musk for $44 billion on October 27th. Even he admits the company had a high valuation.
Since taking over Twitter, Musk has reactivated former President Donald Trump’s account after a 22-month suspension period following the January 6, 2021 events on Capitol Hill. He also reopened an account that was banned for speaking out against transgender people and spreading hate speech.
Tesla’s stock has plummeted 69.2% over the past year. Because investors are wary of the time his Musk spends on his Twitter. Tesla’s stock price will start at $352.26 in 2022.
Wedbush analyst Dan Ives, who is bullish on Tesla, has said Musk will step down as Twitter CEO as part of an overall strategy to “change the negative sentiment around the Tesla story.” Recommended.
“We will nominate a Twitter CEO by the end of January,” Ives said. “Stop selling stocks, stop being a wolf and a Pinocchio.” Let investors know that there are no major sell blocks.”
