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7 billionaires who have Warren Buffett to thank for their fortunes
7 billionaires who have Warren Buffett to thank for their fortunes
Taylor Nicole RogersSep 1, 2019, 18:57 IST
Philanthropist Warren Buffett (center) is joined onstage by 24 other philanthropist and influential business people featured on the Forbes list of 100 Greatest Business Minds during the Forbes Media Centennial Celebration at Pier 60 on September 19, 2017 in New York City.Daniel Zuchnik/WireImage
Warren Buffett isn't the only person to benefit from Berkshire Hathaway's success.
At least seven other individuals and families have become billionaires thanks to their stakes in the Omaha-based conglomerate, Bloomberg reported in May 2019. And not all of the Berkshire Hathaway billionaires were early investors: One was an early employee, while several others sold their businesses to Berkshire Hathaway for stock instead of cash.
No Berkshire investor is wealthier than Bill Gates. Gates personally owns some shares of Berkshire Hathaway, in addition to the shares owned by the Bill & Melinda Gates Foundation, according to CNN. Of course, the majority of Gates' $103.5 billion fortune comes from his stake in Microsoft, Forbes reports. Gates is wealthier than Buffett himself, who currently has an estimated net worth of $79.7 billion, according to Forbes.
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Keep reading to learn more about the Berkshire Hathaway billionaires.
Stewart Horejsi first invested in Berkshire Hathaway after reading about Buffett's investment strategy.
Horejsi bought shares of Berkshire Hathaway for $265 apiece in 1980, according to Forbes. Then a small businessowner, Horejsi had just read John Train's 1980 book "The Money Masters," which heralds Buffett as one of the greatest investors alive. A graduate of the University of Kansas, Horejsi once ran a wedding supply business owned by his family. He now spends his time managing their fortune.
He currently has a net worth of $1.5 billion, according to Bloomberg.
Charlie Munger is Berkshire Hathaway's long-time vice-chairman.
Munger is also Buffett's "right-hand man," according to Forbes. Also an Omaha native, he first met Buffett at a dinner party in 1959, but was a successful investor in his own right before joining Berkshire Hathaway, according to Investopedia — he ran an investment firm from 1962 to 1975 that generated annual returns of 19.8%.
Forbes puts his current net worth at about $1.6 billion.
David Gottesman's investment firm First Manhattan Co. made an early investment in Berkshire Hathaway.
Gottesman, who goes by "Sandy," founded First Manhattan in 1964 and remains actively involved to this day, according to the company's website. The firm manages over $16 billion for clients.
Gottesman, an early investor, also sits on Berkshire Hathaway's board.
The 93-year-old currently has a net worth of $2.1 billion, according to Bloomberg.
Albert Ueltschi sold his aviation training company to Berkshire Hathaway in exchange for shares in the investment firm.
Ueltschi, a pilot, was the founder of FlightSafety International, a company that used flight simulations to train pilots, according to Forbes. He received $1.5 billion in stock when Berkshire Hathaway acquired FlightSafety International in 1996.
After Ueltschi died in 2012, his family inherited his $2.5 billion fortune, according to Bloomberg.
Larry Van Tuyl sold a controlling interest in his family's car dealerships to Berkshire Hathaway for $4.1 billion in stock in March 2015.
Van Tuyl's father opened the family's car dealership in 1952, and the father-son pair built it into the third-largest car dealership network in the country by 1997, according to Forbes.
The 69-year-old serves as the chairman of Berkshire Hathaway Automotive and has a net worth at least $1.5 billion, according to Wealth-X. The extended Van Tuyl family has a net worth of $2.5 billion, per Bloomberg.
Walter Scott owns 8% of Berkshire Hathaway's utilities division.
Scott is a close childhood friend of Buffett's, according to Forbes. The pair worked together to purchase utility company MidAmerican Energy in 2000. The company was renamed Berkshire Hathaway Energy and became a subsidiary of the larger Berkshire Hathaway conglomerate. Scott now sits on the board of Berkshire Hathaway.
Scott, 88, has a net worth of $5.13 billion, per Bloomberg's most recent estimate.
The family of former Tennessee Gov. Bill Haslam sold their chain of truck stops to Berkshire Hathaway in 2017.
The Haslam family still oversees the day-to-day operations of their Knoxville-based company, Pilot Flying J, according to the Nashville Business Journal. Former Gov. Haslam's brother, Jimmy Haslam, serves as the CEO.
The Haslam family now has a collective net worth of $5.9 billion, according to Bloomberg.
