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US billionaire Warren Buffett hit by $63b loss

US billionaire Warren Buffett hit by $63b loss

One of the richest men alive has seen his company suffer a whopping $US43.76 billion ($A63.3 billion) loss as a result of the bloodbath on the share market.

The billionaire Warren Buffett is one of the most successful investors of all time and has a net worth of $US102 billion ($A147 billion).

But there owner of Berkshire Hathaway was forced to reveal the brutal loss after its three biggest investments – shares in Apple, American Express and Bank of America – plummeted in the second quarter amid rising interest rates and runaway inflation.

But Mr Buffett isn’t a fan of relying on investments gains and losses, which can swing wildly from quarter to quarter.

Instead, he said the company’s operating earnings better reflect its performance.

Berkshire’s earning painted a far rosier picture skyrocketing to $US9.28 billion ($A14 billion), from last year’s $US6.69 billion ($A9.7 billion).

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Among the 90 companies operated under Berkshire, including insurance, utility, manufacturing and service companies as well as a railway firm, a $US487 million ($A703 million) loss was reported at insurance company Geico, due to the soaring value of cars and ongoing shortages of car parts.

Berkshire is believed to give an insight into how the broader US economy is faring given the broad scope of companies across industries, amid fears the US could be headed into a recession.

“This is a business that has its tentacles in all different parts of the economy. To show such broad revenue and earnings strength throughout the franchise, it gives me a lot of confidence that the broader economy is performing pretty well,” said Jim Shanaham, analyst at investment firm Edward Jones reported the Australian Financial Review.

The company revealed its revenue grew by more than 10 per cent to $US76.2 billion ($A110 billion) in the quarter as many of its businesses increased prices.

Earlier this year, the billionaire had to backflip on his staunch stance against cryptocurrency in an embarrassing concession.

The businessman was a well-known proponent against blockchains and compared bitcoin – the most popular cryptocurrency – to “rat poison” in 2018.

But in a filing with the US Securities and Exchange Commission (SEC) from Mr Buffettt’s company Berkshire revealed that he had spent a whopping US$1 billion (A$1.4 billion) on cryptocurrency.

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Categories
Entertainment

James Packer parties with young women in bikinis on superyacht

James Packer parties with young women in bikinis on superyacht

Australian billionaire James Packer has been photographed on a yacht hanging out with young bikini-clad women.

On Thursday, Mr Packer was seen enjoying his $250 million superyacht out in the Mediterranean Sea off the Italian coast.

The Australian rich lister was there with two unknown women and an unknown man.

American film director Brett Ratner, 53, was also in attendance, who has directed Hollywood movies including X-Men and the Rush Hour franchise.

In one instance, Mr Packer 54, was photographed clasping the hand of a blonde woman while also leaning in to kiss her on the cheek.

At another point, one of the women was spotted drinking and dancing on the boat.

Mr Packer wore sunglasses and a dark blue T-shirt and black shorts while his friend Mr Ratner had a gray T-shirt on.

The Aussie business has been spotted spending a lot of time on his superyacht in the past few months.

In July, it was revealed that Danish model Josefine Hanning Jensen had been on-board the billionaire’s superyacht since at least July 6.

There’s no word yet on whether Packer and Jensen are romantically linked, or whether she will join him when he heads back to Sydney.

It’s unclear whether the two women spotted on the boat on Thursday are also models.

As the son of media head honcho Kerry Packer, James Packer has a net worth of US$1.5 billion (A$2.17 billion) according to Forbes.

Two months ago, Mr Packer revealed he had been seeking to lose weight after telling The Weekend Australian last month that he was ready to start the “third act” of his life as he looks towards a return to Australia.

“I’m roughly 130kg now and want to be back to 100kg by the end of 2022,” Packer told the publication.

speaking to the Sydney Morning Herald around the same time, Packer divulged he was down 33kg after quitting alcohol, limiting his calorie intake and exercising daily.

Mr Packer told the newspaper his life was “pretty good right now”, adding: “My mental health is the best it’s ever been.”

He also revealed his mental health had also taken a turn, having quit the antidepressants and antipsychotic drugs he was taking.

With the $8.9 billion sale of his company shares to US private equity firm Blackstone’s finalized on June 24, which saw Packer pocket an enormous $3.36 billion, he’s now ready to plan his return home.

“I want to swim with my kids at Bondi when we’re all in Sydney together next year and be 100kg,” he said from his home in Mexico.

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