Billionaire Warren Buffett Calls Bitcoin a ‘Gambling Device’ As Berkshire Hathaway Buys Back $1.7 Billion in Shares
He bought his first stock when he was 11 years old, and now, at age 88, his savvy investments have made him the third richest person in the world, with a net worth of $89.2 billion. Revered for his work ethic, having washed cars and sold newspapers, Buffett amassed $53,000 by the time he was 16.
“Buffett has been prepping shareholders for the possibility of more stock buybacks, a move he’s largely shunned throughout his more than six-decade career. As Berkshire has grown into a $739 billion behemoth, the billionaire investor has found it harder to uncover attractive deals that move the needle for the company.”
In the first quarter of 2019, Berkshire Hathaway repurchased $1.7 billion worth of shares as the stock price declined. The buybacks eclipsed the $1.3 billion that Berkshire spent on buybacks for all of last year, reversing the company’s long-standing policy of limiting buybacks and using its cash on equities and acquisitions.