Oh What A Fallout! Buffett Loses $1.4 Billion As Wells Fargo Plunges...

Oh What A Fallout! Buffett Loses $1.4 Billion As Wells Fargo Plunges on Indignity


Have you ever had something taken away from you or you lost something? Well that’s what has happened with Warren Buffet that’s making news. Warren Buffet, for those that don’t know, is an American investor. Many consider him one of the most successful investors in the world. Warren Buffet is the world’s fourth-richest person with a net worth of $65.8 billion. Unfortunately, Warren Buffett had $1.4 billion wiped from his wealth on Tuesday after Wells Fargo & Co. dropped 3.3 percent as the consequences continued from disclosures that bank workers had opened more than 2 million accounts without clients’ authorization.

Berkshire Hathaway Inc., the lender’s chief shareholder, dropped 2 percent, causing the 86-year-old’s prosperity to drop the most. This fallout came in the middle of an international equity sell off, which has washed out $93 billion from the world’s 400 largest fortunes. The billionaires shed $37.3 billion as stocks and bonds both wilted, and as well as oil.

Buffet’s not the only one losing out. Cause when it rains it pours. The list goes on my friends. The world’s second-richest person, founder of Inditex SA, Amancio Ortega, had a decline of $3.3 billion since the sell off began. Bill Gates, as most of us know as the world’s richest person, has lost $2.4 billion. Jeff Bezos, Amazon.com Inc. founder has shed $1.9 billion.

JPMorgan Chase & Co. as the world’s most valuable bank overtook Wells Fargo. It has sunk 5.9 percent since Thursday, when the Consumer Financial Protection Bureau claimed that fines were branching from counterfeit accounts.

This hasn’t been the first time that investors have lost out on money. Money CNN claims that in January of 2016, that 93% of investors lost money. Talk about a bummer!

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I am a lecturer at the University of Economics in Bratislava, department of Banking and International Finance. I have a Ph.D. academic degree, my dissertation was focused on major markets. Commodities and stock markets are also the main focus of my research and publication activities. I have approximately 10 years of investing experiences. My investments mostly focus on small- to mid-cap companies of energy sector, financial and technology.