Reported 27 days ago
Warren Buffett's substantial investment in Occidental Petroleum has hit a rough patch, as the company's shares have plummeted 29% since mid-April, coinciding with a 23% drop in crude oil prices. This decline is attributed to concerns over demand due to a sluggish U.S. economy and excess supply from high production levels. Buffett's Berkshire Hathaway, which owns a 29% stake worth approximately $13 billion, is facing underwater estimates on this investment, and analysts suggest the company may reconsider its strategy amidst these challenging market conditions.
Source: YAHOO