- Berkshire Hathaway denies Warren Buffett endorsed President Trump’s economic policies, as suggested in a viral video.
- The false endorsement claims surfaced after Trump’s tariff announcement led to a $2.5 trillion loss on Wall Street.
- Despite market turmoil, Buffett’s year-to-date profit remains at $23.4 billion.
In a strong rebuttal, American multinational Berkshire Hathaway has categorically refuted the authenticity of comments attributed to its Chairman, Warren Buffett, that have been circulating on various social media platforms.
These comments, allegedly made by Buffett, were in relation to the trade tariffs of the United States. The rumors gained momentum after US President Donald Trump’s account on his social media platform, Truth Social, shared a video suggesting that Buffett endorsed the President’s economic policies.
The video suggested that Buffett, the 94-year-old billionaire, lauded President Trump for making the best economic moves seen in more than 50 years in America. The claims about Buffett’s endorsement first appeared on Instagram on March 13 and went viral after Trump announced a series of tariffs. However, Berkshire Hathaway has firmly stated that all such reports are false.
Buffett has been at the helm of Berkshire since 1965. In October of the previous year, the company had clarified that Buffett would not endorse political candidates or investment products. This clarification was issued in response to numerous fraudulent claims suggesting his support.
Impact of Trump’s Tariff Announcement
The false endorsement claims have come at a time when Trump’s tariff announcement on Liberation Day, April 2, has sent shockwaves across global markets, leading to a loss of $2.5 trillion in wealth on Wall Street. This has affected many billionaires, including SpaceX and Tesla CEO Elon Musk, Amazon founder Jeff Bezos, and Meta chief Mark Zuckerberg, who saw their combined wealth plunge.
However, Buffett seems to have weathered the storm. According to the Bloomberg Billionaires Index, Buffett lost $2.57 billion but remains in the green. His year-to-date profit still stands at $23.4 billion.
Meanwhile, Trump has reassured Americans on Truth Social that the US economy would emerge “stronger, bigger, better and more resilient than ever before”. In a separate post, he added that “markets will boom”.
The Role of Social Media in Spreading Misinformation
This incident brings to mind similar instances in the past where public figures have been falsely attributed with statements or endorsements. The advent of social media and the ease with which information can be shared and spread has made it easier for such false claims to gain traction. It underscores the importance of verifying information from reliable sources before accepting it as truth.