Warren Buffett’s Berkshire Hathaway is taking a nearly $4 billion hit as Kraft Heinz craters to a record low (KHC, BRK.A)
Kraft Heinz shares plunged Friday, the morning after the company reported quarterly results.
The company disclosed it had received a subpoena from the Securities and Exchange Commission related to its accounting practices.
It also revealed a $15 billion charge related to the value of its Kraft and Oscar Mayer trademarks.
Warren Buffett’s Berkshire Hathaway is a major shareholder in the company; as of December 31 it owned nearly 326 million shares, or a 26.71% stake worth $15.4 billion before Friday’s plunge.
Berkshire most likely lost about $3.9 billion as the stock plunged to a record low.
As of December 31,
Berkshire held nearly 326 million shares of Kraft Heinz, amounting to a 26.71% stake. That was worth about $15.4 billion before Thursday night’s plunge. Berkshire most likely lost about $3.9 billion because of the stock’s rout.
Markets Insider