Warren Buffett's wealth soars by $13B amid global market crisis
What's the story
Amid a year of extreme global market turmoil, legendary investor Warren Buffett has managed to grow his wealth by a whopping $12.7 billion.
The incredible financial gain comes as billionaire contemporaries like Elon Musk, Jeff Bezos, and Bill Gates are seeing massive losses.
The market downturn is mainly due to historic tariff hikes which have erased nearly $8 trillion in value from Wall Street.
Strategy
Strategic investments increase net worth
Buffett's investment strategy has played a crucial role in his financial success this year. Despite the global market downturn, he has been able to increase his net worth to an impressive $155 billion.
Steps
Buffett's calculated moves in tech stocks
Buffett's company, Berkshire Hathaway, has made bold but calculated moves in the current market climate.
The firm has cut down its investments in US tech stocks such as Apple and Bank of America.
Meanwhile, it has also increased its stakes in Japan's five biggest trading houses: Mitsui, Mitsubishi, Sumitomo, Itochu, and Marubeni.
These strategic decisions have helped elevate Berkshire Hathaway's market cap beyond $1.14 trillion this year alone.
Market turmoil
Global market faces unprecedented losses
The global market has witnessed unprecedented losses this year, thanks to Trump's aggressive tariff policy, which has disrupted supply chains across the globe and hurt investor sentiment.
On Friday alone, the Dow Jones Industrial Average witnessed its worst single-day loss since March 2020, plummeting by 2,231 points.
The S&P 500 also plunged 6%, losing $5 trillion in value in just two days.