Warren Buffett’s Berkshire Hathaway Lost This Much on Kraft Heinz

Kraft Heinz has seen some big losses this year and Warren Buffet has suffered because of them.

The Omaha of Oracle’s Berkshire Hathaway has lost over $5 billion this year alone on Kraft Heinz. The company was the sixth-largest holding in Berkshire’s portfolio as of the end of 2018. Berkshire Hathaway owns more than 325 million shares of Kraft Heinz, representing 26.7% of the company.

Kraft Heinz sank to a record low on Thursday, seeing losses of over 14%. The big drop came after the company revealed that it was delaying its quarterly filing and that it was writing down an additional $1.22 billion.

“I made a mistake in the Kraft purchase in terms of paying too much,” Warren Buffett told CNBC back in June.

For the second quarter, Kraft said it earned 37 cents per share, or 78 cents per share excluding the writedown, and generated $6.406 billion in revenue during its fiscal second quarter. Analysts were waiting for earnings of 75 cents per share and $6.580 billion in revenue, according to Refinitiv.

With how much Kraft lost on Thursday, Berkshire Hathaway saw an on-paper loss of $4.3 billion in a single day of trading.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.