This is How Much Warren Buffet Lost In One Day After Kraft Heinz Tanked

Imagine losing over $4 billion overnight. This is what happened to Warren Buffett’s Berkshire Hathaway on Friday.

The company lost $4.3 billion in one day after Kraft Heinz shares plunged after the company reported disappointing earnings, a dividend cut, and that it has received a subpoena from the SEC.

The owner of Heinz Tomato Ketchup and Kraft Macaroni & Cheese saw losses of over 27% on Friday.

Berkshire Hathaway owned over 325 million shares at the end of last year.
Kraft announced that moving forward, it will now offer shareholders a dividend of 40 cents each quarter, a marked drop from the 63 cents it paid out prior.

Buffett has previously defended his investment in the company. “They’re still very, very good businesses,” Buffett said last May.

“If you take Heinz Ketchup, it’s very, very, very hard to take share away from Heinz Ketchup. It’s hard to take share away from Philadelphia Cream Cheese,” he said also. “They’re still very, very good businesses.”

I wonder how he feels now?

Disclaimer: We have no position in Kraft Heinz Co. (NASDAQ: KHC) and have not been compensated for this article.