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Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal | Tony Seruga
Sep
13

Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal

By

Berkshire Hathaway Inc. Annual General Meeting

Warren Buffett.

Photographer: Daniel Acker/Bloomberg
  • Berkshire Hathaway owns a 10 percent stake in Wells Fargo
  • The world’s 400 richest lose $93 billion in global selloff

Warren Buffett had $1.4 billion wiped from his fortune Tuesday after Wells Fargo & Co. fell 3.3 percent as the fallout continued from revelations that bank employees had opened more than 2 million accounts without clients’ approval.

Berkshire Hathaway Inc., the lender’s biggest shareholder, fell 2 percent, causing the 86-year-old’s fortune to drop more than anyone else’s on the Bloomberg Billionaires Index. The U.S. investor is the world’s fourth-richest person with a net worth of $65.8 billion…

Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal

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