Berkshire Hathaway: Warren Buffett holding company makes billions in loss

The US billionaire Warren Buffett is not spared the economic consequences of the corona pandemic. His holding company Berkshire Hathaway reported a quarterly loss of just under $ 50 billion.

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The company spoke of a “temporary” setback, but at the same time conceded to face uncertain times. It was unclear when normalization was to be expected in the various business areas of the holding company, it said at the shareholders’ meeting, which was held as an online conference because of the corona pandemic.

Most of the more than 90 companies in which the holding company is involved are struggling with “mild to violent” negative effects of the corona crisis. However, Berkshire Hathaway had already suffered a violent loss in the last quarter of 2019.

Buffett is hopeful. According to the Reuters news agency, he cited historical events such as the Civil War and the Great Depression of the 1930s as examples of how the US economy can withstand major setbacks. It would have taken 20 years after the economic crisis, but the Americans persevered and finally became successful again. “Never bet against America,” said Buffett.

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Because of the pandemic, the Annual General Meeting called “Woodstock for Capitalists” will also be canceled, according to Reuters. Typically, thousands of people travel to the company’s headquarters in Omaha, Nebraska, annually.

Buffett has assets of $ 72 billion, according to US magazine “Forbes”. The 89-year-old is the fourth richest person in the world. Berkshire Hathaway holds, among other things, significant shares in the computer group Apple as well as in financial groups such as American Express and Goldman Sachs. The holding company is also active in the insurance and energy sectors.

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