‘Stock to rise day after I die’
OMAHA: Berkshire Hathaway Inc billionaire chairman and chief executive officer (CEO) Warren Buffett assured shareholders that they’ll be fine after he’s gone.
“If I die tonight, I think the stock would go up tomorrow,” said Buffett at annual meeting, here, on Saturday. “There’d be speculation about breakups and all that sort of thing, so it would be a good Wall Street story.”
Buffett was answering an investor’s inquiry on whether Berkshire would repurchase stock if the shares fell after the billionaire and his vice-chairman Charles Munger were to move on.
Over five decades, Buffett has expanded the conglomerate into industries, including insurance, energy and transportation, while assembling a US$135 billion (RM585.9 billion) stock portfolio.
He said the board would consider a buyback if it were in the best interest of shareholders, and the next CEO would have to be a capital allocator.
The next leader of Berkshire was “going to have to allocate maybe US$400 billion or something like that, maybe more”, said Buffett. Bloomberg