90-yr-old Warren Buffett becomes 6th member of $100 bn club as Berkshire shares hit record high

News Network
March 11, 2021

wBuffett.jpg

Warren Buffett has been a fixture at the top of the world’s wealth rankings for decades, but in recent years he’s slipped down the list as tech fortunes soared and his hot hand cooled.

Now, at 90, his net worth has blown past $100 billion.

The Berkshire Hathaway Inc. chairman’s wealth jumped on Wednesday to $100.4 billion, according to the Bloomberg Billionaires Index. That makes Buffett the sixth member of the $100 billion clubs, a group including Jeff Bezos, Elon Musk and his friend Bill Gates.

The clan’s combined wealth has grown rapidly, fueled by government stimulus, central-bank policy and the surging equity market. On Wednesday, President Joe Biden’s $1.9 trillion Covid-19 relief bill cleared its final congressional hurdle as the House voted to approve the legislation, adding to the $3 trillion or so in stimulus Washington has already disbursed in the past year.

Berkshire, the source of virtually all of Buffett’s wealth, has had a good start to 2021. The firm’s A-shares are up 15% this year, outpacing the 3.8% gain of the S&P 500 Index. That’s been helped by Buffett’s recent push to spend record amounts buying back Berkshire’s own stock, a notable shift for an investor who previously preferred to use the $138 billion cash pile to buy other businesses or common shares.

Share Buybacks

Buffett’s been struggling in recent years to find sizable deals to spark Berkshire’s growth, partially due to the sheer size of the conglomerate. That’s caused the shares to underperform the S&P 500 over the past five years. But in 2020, Buffett spent a record $24.7 billion on buybacks and filings indicate he’s already bought at least $4.2 billion worth of stock through mid-February.

Surpassing $100 billion is all the more notable considering how much the Omaha billionaire has given away. A co-founder of the Giving Pledge, a campaign to encourage billionaire philanthropy, Buffett has donated more than $37 billion in Berkshire stock since 2006. Without those gifts, which have cut his holdings of Berkshire Class A shares nearly in half, he’d be worth more than $192 billion.

The staggering amount of wealth accumulated by the ultra-wealthy -- $1.8 trillion by the world’s 500 richest in 2020 alone -- highlights the K-shaped recovery that’s taking place as the US emerges from the pandemic. While millions of disproportionately poor, working-class and minority people remain unemployed, the rich have seen incomes and net worth levels rise thanks to a buoyant stock market and rising home prices.

Meanwhile, more than 8 million Americans -- including many children -- fell into poverty in the second half of last year, according to an analysis by University of Chicago economist Bruce Meyer, University of Notre Dame’s James Sullivan and Zhejiang University’s Jeehoon Han.

Buffett added $1.9 billion to his fortune on Wednesday as Berkshire Class A shares hit a record high, helping lead the second day of gains for the S&P 500. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 27,2025

Bengaluru, Nov 27: Karnataka Chief Minister Siddaramaiah’s camp is reportedly on alert as the Congress leadership tussle in the state intensifies, particularly amid speculation over the potential promotion of Deputy Chief Minister D.K. Shivakumar. Siddaramaiah is said to be in a “wait-and-watch” mode after admitting to “confusion” earlier this week and urging the party to “put a full stop” to it.

Sources say his supporters are ready to act if senior leaders — including party chief Mallikarjun Kharge, Sonia Gandhi, and Rahul Gandhi — give any indication of backing Shivakumar. If the party insists on a leadership change, Siddaramaiah’s camp has a list of alternatives, underscoring the deep rift between the two leaders. One possible candidate is Home Minister G. Parameshwara, a Siddaramaiah loyalist and influential Dalit leader.

The strategy was reportedly finalized at a meeting led by PWD Minister Satish Jarkiholi, another Siddaramaiah supporter, who stressed that Delhi leaders need to resolve the issue. Kharge and the Gandhis are expected to meet soon, after which Siddaramaiah and Shivakumar may be summoned to Delhi.

Shivakumar has largely stayed non-confrontational, publicly endorsing Siddaramaiah and downplaying speculation about his own ambitions. However, he has made pointed comments emphasizing the importance of honoring promises, directed at Siddaramaiah.

The feud traces back to the 2023 state election, when Siddaramaiah was chosen as Chief Minister while Shivakumar, who led the party’s campaign, was made Deputy CM and state party chief — a departure from the Congress’ usual “one post per person” rule.

There were also hints of a prior understanding that Siddaramaiah would step down midway through the term. As the halfway mark passed last week, Shivakumar-aligned lawmakers have ramped up pressure on the party for a leadership change, with Shivakumar himself hinting at stepping down as state party chief to pursue the top job.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 27,2025

siddDKS.jpg

Congress president Mallikarjun Kharge on Thursday announced that he will convene a high-level meeting in New Delhi with senior leaders — including Rahul Gandhi, Karnataka Chief Minister Siddaramaiah and Deputy Chief Minister D.K. Shivakumar — to resolve the escalating leadership turmoil in Karnataka and “put an end to the confusion.”

Kharge said the discussions would focus on the way forward for the ruling party, as rumours of a possible leadership change continue to swirl. The speculation has intensified after the Congress government crossed the halfway mark of its five-year term on November 20, reviving talk of an alleged 2023 “power-sharing agreement” between Siddaramaiah and Shivakumar.

“After reaching Delhi, I will call three or four important leaders and hold discussions. Once we talk, we will decide how to move ahead and end this confusion,” Kharge told reporters in Bengaluru, according to PTI.

When asked specifically about calling Siddaramaiah and Shivakumar to Delhi, he responded: “Certainly, we should call them. We will discuss with them and settle the issue.”

He confirmed that Rahul Gandhi, the Chief Minister, the Deputy Chief Minister and other senior members would be part of the deliberations. “After discussing with everyone, a decision will be made,” he said.

Meanwhile, Siddaramaiah held a separate strategy meeting at his Bengaluru residence with ministers and leaders seen as his close confidants, including G. Parameshwara, Satish Jarkiholi, H.C. Mahadevappa, K. Venkatesh and K.N. Rajanna.
Signalling calm, the Chief Minister told reporters, “Will go to Delhi if the high command calls.”

Shivakumar echoed a similar stance, saying he too would head to the national capital if summoned by the party leadership.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 24,2025

Mangaluru, Nov 24: The original departure time of 11.10 pm was a distant memory for scores of Dammam-bound passengers at Mangaluru International Airport last Friday night, as their Air India Express flight was abruptly cancelled at the eleventh hour, sparking hours of frustration and chaos.

The flight, IX 885, initially scheduled to depart at 11.10 pm on November 22, was subject to two back-to-back reschedules—first pushed to 11.45 pm and then significantly postponed to 1.40 am—before the final, crushing announcement of cancellation was made. For the travellers, many of whom are likely expatriate workers with tight schedules, the last-minute change marked the beginning of a distressing ordeal.

"There was no drinking water, no food, and absolutely no proper guidance. We were left stranded like refugees," complained a stranded passenger.

According to multiple passenger accounts, the airline's ground staff failed to provide adequate support or essential amenities following the cancellation. Complaints poured in about the total absence of drinking water, food provisions, and any reliable guidance from the carrier's representatives. Travellers alleged they were left stranded for a considerable period, with no immediate arrangements or clear communication offered regarding accommodation or alternative travel to send them back home.

The incident has highlighted serious concerns over the carrier's contingency planning and customer service protocols during flight disruptions at one of India's key international gateways. The airline is yet to issue a comprehensive statement addressing the alleged lapse in passenger care.
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.