Warren Buffett tells shareholders about spending $51 billion

By JOSH FUNK
AP Business Writer

OMAHA, Neb. (AP) — Warren Buffett gave Berkshire Hathaway investors a few details of how he spent more than $50 billion earlier this year and again reassured them that the company he built will endure long after the 91-year-old billionaire is gone. Tens of thousands of investors packed an Omaha arena Saturday to listen to Buffett and Berkshire’s vice chairmen answer questions for the first time since the pandemic began. Berkshire revealed that its mountain of cash shrank to $106 billion in the first quarter from $147 billion at the beginning of the year. Buffett didn’t reveal everything he bought but did mention several highlights, including boosting Berkshire’s stake in oil giant Chevron to $26 billion to make it one of the company’s four biggest investments.