It's not been a good week for billionaire investor Warren Buffett, as his bet on Coca-Cola and American tech giant IBM have cost him more than $2 billion in just three days.
On Monday, Buffett lost nearly $1 billion after shares in IBM plummeted to a three-year low after it badly missed third-quarter earnings estimates and announced it would pay $1.5 billion to ditch its loss-making chip division. That’s bad news for Buffett considering his investment firm, Berkshire Hathaway, is the largest investor in IBM.
Yesterday, Buffett's week of hell continued after Coca-Cola shares plummeted six per cent in New York trading after it reported flat sales and lowered its guidance for the year.
The set of disappointing results from both companies come after Buffett admitted he made a "huge mistake" investing in Tesco, which has seen its share price more than halve in the past 12 months following a series of profit warnings.
This post was published at The Independent
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