This announcement comes as a surprise, given Buffett's history of supporting Democratic candidates. The 94-year-old, who is estimated to be worth $146.3 billion, has made it clear that any claims to the contrary would be "fraudulent."
According to the Daily Mail, a memo from Berkshire Hathaway, often referred to as the 'Sage of Omaha's' firm, was released on Wednesday, stating that Buffett would not be taking a political stance in the upcoming election. The memo also highlighted concerns about the potential misuse of Artificial Intelligence to fabricate endorsements using Buffett's likeness, following a recent incident where a fake endorsement appeared on Instagram.
The memo appears to be a strategic move to prevent either campaign from capitalizing on Buffett's reputation, stating, "Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates." This decision comes on the heels of revelations that JPMorgan CEO Jamie Dimon and Bill Gates have invested millions in backing Harris.
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Buffett, whose portfolio includes top-tier companies such as Apple, Bank of America, American Express, and Coca-Cola, has been at the helm of Berkshire since 1956. His leadership has resulted in a staggering 5,500 percent gain for long-term investors. This non-endorsement marks a significant departure from his previous political engagements, where he openly endorsed Hillary Clinton in 2016 and Barack Obama in his 2008 and 2012 campaigns.
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Buffett expressed his concerns about the misuse of AI in an interview with the Wall Street Journal, stating, "It can be done perfectly now, and it can be distributed instantly. They would be able to do it in a way that would convince my family." When asked about his decision to refrain from endorsing, he remained elusive, suggesting that he might address the issue at the next annual meeting.
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This development comes amidst a broader effort to reveal the political leanings of other influential CEOs who have been maintaining a low profile. Reports from the New York Times indicate that Microsoft's Bill Gates has donated $50 million to support Harris, while JPMorgan Chase CEO Jamie Dimon has privately expressed his support for her. Meanwhile, Elon Musk, the head of Tesla and SpaceX, has reportedly donated at least $75 million to back Trump, even launching a $1 million prize for voter registration efforts.
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Buffett's decision not to endorse any candidate in the 2024 presidential race underscores his commitment to maintaining a neutral stance amidst the political turmoil. His concerns about the potential misuse of AI for fraudulent endorsements highlight the growing challenges posed by technology in the realm of politics. As the election draws closer, it remains to be seen how the lack of endorsement from such a prominent figure will impact the campaigns of the potential candidates.