Warren Buffett does not like to lose money in general, so losing $1 billion on Monday morning hardly contributed to his cheerful disposition. The plunge in IBM shares Monday after its weak earnings results cost the Oracle of Omaha big money. The IBM stock fell $13.06 per share at the early session. That means the sharp decline cost him $916.5 million. The stock was the third-largest holding in Buffett's portfolio, trailing only Wells Fargo and Coca-Cola.
The famous billionaire slashed Berkshire Hathaway’s stake in British grocer Tesco earlier this month as the retailer were facing financial difficulties.
Nevertheless, net profit of Buffett’s investment company Berkshire Hathaway surged 9.6% in Q4 owing to the insurance business.
