Wells Fargo scandal loses Warren Buffett $1.4 billion in a day

by Ryan Smith14 Sep 2016
Most of us will never know what it feels like to go to bed more than a billion dollars poorer than we were when we woke up that morning. But then, most of us aren’t Warren Buffett.

The billionaire financier saw $1.4 billion wiped from his fortune Tuesday after Wells Fargo’s stock took a 3.3% hit in the fallout of a fraud scandal, Bloomberg reported. The bank’s stock sank on revelations that its employees had opened more than 2 million customer accounts without the customers’ knowledge or approval.

Berkshire Hathaway is the banking giant’s biggest shareholder, according to Bloomberg. Berkshire’s shares fell 2%, causing Buffett’s fortune to fall more than anyone else on the Bloomberg Billionaire’s Index.

At least the hit isn’t too bad – if one can ever use that phrase in connection with losing $1.4 billion. But Buffett, 86,  is still in pretty good financial shape. With a net worth of $65.8 billion, he’s the fourth-richest person in the world, according to Bloomberg.
 

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