Warren Buffett has likely seen $8 billion wiped off the value of his financial stocks in 3 days, as SVB's collapse rattles the banking sector
The famed investor's company owned about $74 billion of banking, insurance, and financial-services stocks at the end of December, its. Its largest holdings included Bank of America and American Express .
Bank of America's stock price tumbled 12% over the course of Thursday, Friday, and Monday. As a result, Berkshire's stake in the bank shrunk in value by about $4 billion in three days, assuming it hasn't touched the position this year. Similarly, American Express stock has slumped 10% over the past three trading days, slashing the value of Berkshire's stake in the credit-card titan by $2.6 billion.
Berkshire's other financial stocks dropped as well, including Ally Financial , US Bancorp , Jefferies , Citigroup , BNY Mellon , and Globe Life . Overall, its 15 financial holdings have shed $8 billion of value in the past three trading days, a Markets Insider analysis shows.
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