He bought the stock for $300, now it’s worth over $500,000.
An early investor from Berkshire Hathaway joined the Forbes 400 list of the richest Americans this year. Stewart Horejsi, who first bought into Warren Buffett’s company in 1980, now has a net worth of $3 billion.
Horejsi paid less than $300 for his first Berkshire shares, which are now worth $522,000 each.
Warren Buffett has overseen a more than 4,000,000 percent increase in the value of Berkshire Hathaway stock since he became CEO in 1965. One of his early shareholders just made Forbes’ annual review of the 400 richest Americans, largely because he owns Berkshire stock.
Stewart Horejsi and his family are worth an estimated $3 billion, which ranks them 379th on the latest Forbes 400 list published in the fall. They are officially richer than basketball icon Michael Jordan, former eBay CEO Meg Whitman, chewing gum heir William Wrigley Jr. and even Buffett’s business partner, Charlie Munger.
Buffett himself ranked fourth on the Forbes list this year with a fortune of $121 billion, despite having donated more than half of his Berkshire shares to good causes. Both he and Horejsi have seen their fortunes grow this year, as Berkshire shares have risen to record levels in recent weeks.
Horejsi first invested in Berkshire in 1980 because he was frustrated by the fierce competition his family business faced, he told Bloomberg in 2013. He immediately bought 300 shares at prices ranging from $265 to $330 and gradually increased his stake to 5,800 shares at its peak. before reducing his ownership to 4,300 shares as of 1998.
Berkshire’s Class A shares are now worth $522,000 each, valuing Horejsi’s remaining shares at $2.2 billion. He disclosed another $350 million of other assets to Bloomberg in 2013, and his family fortune appears to have grown to north of $3 billion since then.
Horejsi has attended more than 30 of Buffett’s famous annual meetings, including some early meetings where fewer than a dozen shareholders sat in folding chairs in a cafeteria, he told Bloomberg. Thousands of people now come to Buffett’s hometown of Omaha every spring, filling an arena and generating big sales for local businesses.
Buffett has enriched shareholders like Horejsi by making acquisitions, investing in shares and making deals. The conglomerate now has a market capitalization of $750 billion and has assets of more than $1 trillion. It owns numerous companies, including See’s Candies and Geico, and has multi-billion dollar stakes in Apple, Coca-Cola and other public companies.
The Berkshire boss recommends investing in high-quality companies and holding your shares for the long term. Horeji’s great fortune gives new support to his philosophy.
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