It must be tough having your money every where. This afternoon, Warren Buffett's holdings waged a mini civil war against one another as the ratings firm Moody's downgraded Bank of America's long-term credit rating two notches from "A2" to "Baa1" sending its stock plunging 3 percent and cutting Wells Fargo's credit rating by one notch dipping its stock 1 percent. As The Wall Street Journal colorfully accounted the move, "Moody’s just drove a knife into the heart of Bank of America’s stock."
Interestingly, the knife-holder in this scenario just so happens to be one of Buffett's largest holdings. According to Investment News, Buffett owns 28,415,250 shares in Moody's at a value of about $929,178,675 as of June. Buffett also has $5 billion in the knife-taker, Bank of America, following his investment in August. As for Wells Fargo, it's Buffett's second largest holding. As of June, he had 352,327,608 shares in the company at a value of $8,815,236,752. As such, it's probably not a fun day for the Oracle of Omaha. But a fine day for stock watching sadists like CNBC's John Carney. "It's fun to watch Warren Buffett's Moody's downgrade Warren Buffett's Wells Fargo and Bank of America," he tweets.
This article is from the archive of our partner The Wire.
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