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Warren Buffett s Rags-to-Riches Story Has Many Lessons to Offer; Here s A Few We Can Follow
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Warren Buffett and Phil Knight Top the List of 2023 s Biggest Donors
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Billionaires have an outsized influence on the global economy, politics, and philanthropy. According to Forbes, there will be 2,668 billionaires around the globe in 2022. The wealthiest of them belong to an even more exclusive club and wield even more power. Many of these billionaires are the founders of technology behemoths, and a sizable percentage of their fortune remains invested in the companies they built. They can, however, borrow against their wealth in order to postpone selling stock, so delaying (or eliminating for heirs) taxes on unrealized capital gains. Multi-billionaires can also employ various tax deductions to offset reported income,
Warren Buffett s Berkshire Hathaway scores $1.5 billion gain on GM stock in under 4 months tmohamed@businessinsider.com (Theron Mohamed) © Getty Images / Michael Buckner Warren Buffett Getty Images / Michael Buckner
Warren Buffett s Berkshire Hathaway has likely scored a 65% gain on its General Motors bet in under four months.
The billionaire investor s conglomerate backed the automaker in 2012 and grew its stake to 80 million shares worth $2.4 billion at the end of September.
GM stock has soared by about two-thirds to a record high since then, increasing the value of Berkshire s stake to about $3.9 billion.
The auto giant s shares have rallied strongly due to excitement about its advances in electric vehicles as well as futuristic technologies such as self-driving and flying cars.