Warren Buffett's Berkshire Hathaway has scored a $1 billion gain on its Snowflake shares.
The billionaire investor's company spent about $735 million for 6.1 million Snowflake shares when the cloud-data platform went public last month.valuing Berkshire's stake at about $1.8 billion. a market capitalization of more than $80 billion, despite earning just $265 million in revenue last financial year.Warren Buffett's Berkshire Hathaway is sitting on a $1 billion gain from its Snowflake shares after they closed at a record high on Thursday.
Snowflake stock surged 18% over the course of Wednesday and Thursday to close at nearly $300 — not too far off the $319 intraday high it reached during its first day of trading last month.at the $120 IPO price. The technology company's stock price has soared almost 150% from that level, boosting the value of Berkshire's stake to $1.8 billion —an almost $1.1 billion gain on its investment.
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This is a privilege most people won't have. This profit was made due to the fact that Berkshire participated in the IPO itself, buying the stock at a price well below what the market makers marked it to be. Sadly, nothing practical to learn from this.
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