Report: Warren Buffett Loses $2 Billion In Two Days

October 22, 2014 10:58 AM
Report: Warren Buffett Loses $2 Billion In Two Days
" ATLANTA (CBS Atlanta/AP) — Warren Buffett reportedly lost $2 billion over the span of two days.

The “Oracle of Omaha” lost big this week thanks to plummeting shares of Coca-Cola and IBM, CNN Money reports.

Coca-Cola fell 6 percent on Tuesday after the company said it plans to slash costs by $3 billion a year after reporting disappointing sales on flat soda volume. Buffett’s Berkshire Hathaway holds over 400 million shares of Coca-Cola, losing Buffett nearly $1 billion.

On Monday, Buffett lost $1.3 billion when IBM stocks took a hit after the company will pay $1.5 billion to Globalfoundries in order to shed its costly chip division. IBM’s stock dropped 7 percent. Berkshire Hathaway owns more than 70 million shares of IBM.

Despite losing $2 billion, Forbes estimates Buffett’s net worth around $64 billion.

The Atlanta-based Coca-Cola said it will reach its cost-cutting goal by 2019 through a variety of measures, such as restructuring its global supply chain. It did not specify how many jobs would be lost as a result, but said most changes will be communicated by early next year "

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