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Three listed foreign startups in which billionaire investor Warren Buffett has invested $1.53 billion lost nearly $63 billion in market value as bourses around the world plunged with looming recession amid the Russia-Ukraine war and increased risk of COVID-19 as China eased curbs.
What Happened: One of India’s largest payments portals, Paytm, Brazilian neobank Nubank NU and Chinese automaker BYD Company‘s BYDDY market value tumbled in 2022, according to data from stock exchanges.
Paytm Shares Lose 61.8%: As of Dec. 27, Paytm shares were down nearly 62% year-till-date. According to the shareholding data, Buffett’s investment arm held a 2.41% stake in Paytm as of December 2021. Buffett’s Berkshire had invested $300 million in September 2018 for a 2.6% stake in a funding round that valued the startup at $10 billion.
Paytm’s market cap fell from $11.63 billion at the end of 2021 to $3.73 billion as of Dec. 27, 2022, data from stock exchanges showed.
Nubank Shares Plummet 61%: Buffett lost another bet in Nubank, whose shares tumbled 61% year-till-date as of Dec. 27. The Oracle of Omaha’s Berkshire Hathaway invested $500 million before the company’s 2021 initial public offering and then later raised its investment to a whopping $1 billion in the Brazilian neobank, it disclosed in a filing on Feb. 14 this year.
Nubank’s market cap fell from $43.23 billion at the end of 2021 to $18.23 billion as of Dec. 27, 2022, stock exchanges’ data showed.
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BYD Stock Tumbles 3.28%: Berkshire Hathaway trimmed its stake in Chinese electric vehicle maker BYD in 2022, resulting in the company’s stock tumbling over 3%. At the end of 2021, Berkshire Hathaway owned 225 million shares or about 20.5% of BYD. It started paring its stake in the Shenzhen-based company in August this year to take its holding below 15%. The company had invested $232 million in the automaker in 2008.
BYD’s market cap fell from $122.49 billion at the end of 2021 to $92.85 billion as of Dec. 27, 2022, data from stock exchanges showed.
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