Warren Buffett is certainly not having his best Thursday ever. Berkshire Hathaway is currently the largest shareholder of American Express stock based on the most recent regulatory filings. Berkshire Hathaway currently owns 151,610,700 shares of the company as of September 30. At this time, American Express’ stock is down $5.15 per share, or 6%, in midday trading. The reason for the price drop is that American Express is losing its exclusivity deal with Costco. If the price drop stays the same until closing, Berkshire will lose $780,795,105 on its investment today.
Berkshire investors are going to get an update soon about the company’s current holdings. Institutional investment managers have to report the stocks that they held as of December 31 by February 14. In midday trading, Berkshire’s Class B shares are down 0.1%. In the last three months, shares are up 2.8% as opposed to the 2.2% gain in the S&P 500.