Warren Buffet’s Berkshire Hathaway lost $50 billion in the first quarter of the year 2020.
Pandemic has hit every business badly. Berkshipe Hathaway Inc. lost $49.7 billion that is actually $30,653 per class A share in the first quarter. In the same period last year, the company reported a profit of $21.66 billion, $13,209 per share.
Although the company has a huge pile of cash this sign shows how the big companies are suffering because of the pandemic in America. The stock market declined sharply after the COVID-19 outbreak began.
Although Warren Buffett, the famous wall street bargain hunter has struggled to find new acquisitions for the company, the company is still sitting on more than $137 billion in cash.
Berkshire owns more than 90 companies. This includes the BNSF railroad and insurance, utility, furniture, and some jewelry businesses. Berkshire also has major investments in such companies as Apple, American Express, Coca-Cola, and the Bank of America.