Current:Home > ScamsWho is Warren Buffett? Why investors are looking to the 'Oracle of Omaha' this week-VaTradeCoin
Who is Warren Buffett? Why investors are looking to the 'Oracle of Omaha' this week
lotradecoin access View Date:2024-12-25 22:33:02
Worried eyes turned to plunging global markets Monday after apprehension built about a possible incoming recession.
Billionaire investor Warren Buffett ignited speculation he’s soured on stocks as Berkshire Hathaway's cash holdings soared to $276.9 billion, in part because Berkshire sold a large portion of its stake in Apple. Buffett, whose influence on the U.S. stock market is significant, reinforced fears the economy may be slowing with his latest move.
But who is Buffett, and how did he accumulate his wealth and influence?
Who is Warren Buffett?
Buffett is a businessman and philanthropist. Known as the “Oracle of Omaha,” Buffett is considered one of the most successful investors of all time. He runs Berkshire Hathaway, a major conglomerate that owns GEICO, Duracell, Dairy Queen and other companies.
Buffett, the son of U.S. Rep. Howard Homan Buffett, was born in Nebraska in 1930. He bought his first stock at age 11 and filed taxes for the first time when he was 13 years old, according to Forbes.
When he took over Berkshire Hathaway in 1965, it was a textile manufacturer. During the 2007-2008 mortgage crisis, he made a series of lucrative deals – investments in Goldman Sachs, General Electric, Coca-Cola and Apple, as well as a purchase of the railroad company Burlington Northern Santa Fe Corporation.
As of 2024, these are the top 10 holdings in the Warren Buffett portfolio, which represent about 87% of the company’s holdings:
- Apple Inc.
- Bank of America Corp.
- American Express Corp.
- Coca-Cola Co.
- Chevron Corp.
- Occidental Petroleum Corp.
- Moody’s Corp.
- Kraft Heinz Co.
- Mitsubishi Corp.
- Chubb Ltd.
Stock market live updates:US markets feeling impact of plunging markets
How old is Warren Buffett?
Buffett is 93 years old. He was born Aug. 30, 1930.
How much is Warren Buffett worth?
Buffett has an estimated net worth of almost $130 billion as of August 2024. According to the Forbes Real-Time Billionaires List, he is the seventh-richest person in the world, ahead of Bill Gates but behind Elon Musk, Jeff Bezos and Mark Zuckerberg.
With Bill and Melinda Gates, Buffett created Giving Pledge, a charitable campaign asking America’s wealthiest people to donate at least half of their wealth to charity. Buffett has promised more than 99% of his wealth will go to philanthropy during his lifetime or at the time of his death.
“Were we to use more than 1% of my claim checks on ourselves, neither our happiness nor our well-being would be enhanced. In contrast, that remaining 99% can have a huge effect on the health and welfare of others,” Buffett wrote on Giving Pledge. “That reality sets an obvious course for me and my family: Keep all we can conceivably need and distribute the rest to society, for its needs.”
Is Jimmy Buffett related to Warren Buffett?
No, Buffett is not related to the late musician Jimmy Buffett. But the pair were close – Jimmy called Warren “Uncle Warren” and regarded him as a business mentor, according to The New York Times. Warren called his friend “Cousin Jimmy.” They even once took a 23andMe DNA test to see if there was a biological connection, the Times reported.
Just Curious for more? We've got you covered.
USA TODAY is exploring the questions you and others ask every day. From "Who is the richest person in the world?" to "How to buy stock" to "What is manifestation?" – we're striving to find answers to the most common questions you ask every day. Head to our Just Curious section to see what else we can answer for you.
veryGood! (6334)
Related
- Most reports ordered by California’s Legislature this year are shown as missing
- Without Significant Greenhouse Gas Reductions, Countries in the Tropics and Subtropics Could Face ‘Extreme’ Heat Danger by 2100, a New Study Concludes
- Maryland Department of the Environment Says It Needs More Staff to Do What the Law Requires
- Slim majority wants debt ceiling raised without spending cuts, poll finds
- China says Philippines has 'provoked trouble' in South China Sea with US backing
- A record number of Americans may fly this summer. Here's everything you need to know
- You’ll Roar Over Katy Perry and Orlando Bloom’s PDA Moments at Wimbledon Match
- Kate Middleton Turns Heads in Royal Blue at King Charles III's Scottish Coronation Ceremony
- Stock market today: Asian shares advance, tracking rally on Wall Street
- What the debt ceiling standoff could mean for your retirement plans
Ranking
- Oregon lawmakers to hold special session on emergency wildfire funding
- Save 53% On This Keurig Machine That Makes Hot and Iced Coffee With Ease
- China dominates the solar power industry. The EU wants to change that
- Don’t Miss the Chance To Get This $78 Lululemon Shirt for Only $29 and More Great Finds
- Luigi Mangione's Lawyer Speaks Out in UnitedHealthcare CEO Murder Case
- Don’t Miss the Chance To Get This $78 Lululemon Shirt for Only $29 and More Great Finds
- A Fear of Gentrification Turns Clearing Lead Contamination on Atlanta’s Westside Into a ‘Two-Edged Sword’ for Residents
- Parties at COP27 Add Loss and Damage to the Agenda, But Won’t Discuss Which Countries Are Responsible or Who Should Pay
Recommendation
-
Trump will be honored as Time’s Person of the Year and ring the New York Stock Exchange bell
-
The U.S. is expanding CO2 pipelines. One poisoned town wants you to know its story
-
Taco John's trademarked 'Taco Tuesday' in 1989. Now Taco Bell is fighting it
-
Fake viral images of an explosion at the Pentagon were probably created by AI
-
Billboard Music Awards 2024: Complete winners list, including Taylor Swift's historic night
-
The Nation’s Youngest Voters Put Their Stamp on the Midterms, with Climate Change Top of Mind
-
You Won't Believe How Much Gymnast Olivia Dunne Got Paid for One Social Media Post
-
Report: 20 of the world's richest economies, including the U.S., fuel forced labor