Berkshire Hathaway net worth
what is Berkshire Hathaway net worth• Berkshire Hathaway’s net worth is $530 billion. Berkshire Hathaway started out as two separate textile manufacturing companies, one in Rhode Island and the other in Massachusetts. Two companies, Valley Falls Company and Berkshire Cotton Manufacturing Company, merged in 1929 to form Berkshire Fine Spinning Associates. In the mid-1950s, Berkshire Fine Spinning merged with another Massachusetts-based textile company, the Hathaway Manufacturing Company, to form Berkshire Hathaway. The textile industry began to decline after the 1920s, and Hathaway had cash flow problems, but the merger seems to have stabilized both companies to some extent. Entrepreneur and musician Warren Buffet bought a stake in the company in the early 1960s. However, the textile business continued to decline, so Mr Buffett decided to sell his stake. He and Hathaway’s main owner agreed on a sale price, but when documents arrived, Hathaway owner Seabury Stanton changed the numbers. In a fit of rage, Warren Buffett decided not to sell. Although it wasn’t a wise financial decision, Mr Buffett has since diversified his holdings in the company as it collapsed and turned it into the world’s eighth-largest public company. The company now owns and operates an insurance division, including utility and energy group GEICO, multiple apparel makers including Fruit of the Loom, construction products manufacturers, financial conglomerates and multiple retail divisions. It has 260,000 employees.
