Billionaire Warren Buffett has made it known that he won’t be endorsing Kamala Harris or Donald Trump for president in 2024.
The 94-year-old CEO of Berkshire Hathaway – who is worth an estimated $146.3 billion – has recently backed Democratic candidates.
But a memo from the ‘Sage of Omaha’s’ firm released Wednesday said he wouldn’t be taking a stance in the election and any other suggestion would be ‘fraudulent’.
The statement also warned that Artificial Intelligence may be used to portray his likeness after a fake endorsement appeared on Instagram.
The message also saying Buffett won’t endorse investment products appears to be a move stopping either campaign trying to capitalize on his reputation.
Buffett’s decision not to take a stance comes less than 24 hours after it was revealed that JPMorgan CEO Jamie Dimon – one of the world’s most powerful bankers – and Bill Gates have poured millions into backing Harris.
Warren Buffett, Chairman and CEO of Berkshire Hathaway, won’t be making a presidential endorsement, his company said
‘In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates,’ read the company statement.
‘Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates,’ it said.
He told CNBC the statement resulted partially from a fake political endorsement on Meta Platforms’ Instagram social media platform.
‘I don’t even know how to get on Instagram,’ Buffett told the network. ‘Anything they see with my image or my voice, it just ain’t me.’
The statement didn’t specify details of any specific manipulation of Buffett, whose holdings include top companies Apple, Bank of America, American Express, and Coca-Cola.
He has run Berkshire since 1956. Investors who have owned stocks in the company since then have seen a 5,500 percent gain.
That stands in stark contrast to 2016, when he endorsed Hillary Clinton over Trump, as well as his backing of Barack Obama during his 2008 and 2012 runs.
Buffett shared some of his concerns about AI to the Wall Street Journal.
‘It can be done perfectly now, and it can be distributed instantly,’ Buffett told the paper, ‘They would be able to do it in a way that would convince my family.’
He was coy about why he decided to stop endorsing. ‘I’ll probably address that question at the next annual meeting.’
Donald Trump, himself a billionaire, has been getting valuable backing from Elon Musk
VP Kamala Harris has been garnering quiet support from some billionaires
His decision comes amid an effort to try to out other powerhouse CEOs who have been keeping a low profile.
The New York Times reported that Microsoft head Bill Gates had given $50 million to boost Harris.
And it reported JP Morgan Chase CEO Jamie Dimon has made clear in private he supports Harris, after making public comments that left open the possibility he might endorse Trump.
Billionaire Mark Cuban did a recent event for Harris. And Tesla and SpaceX head Elon Musk has taken support to a new level – donating at least $75 million to back Trump, and offering a $1 million prize to petition signers in voter registration effort which recently drew scrutiny from federal regulators.
Musk has also been personally campaigning for Trump while talking him up on his X platform, and jumped on stage with him at a rally in Butler, Pennsylvania.
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