Warren Buffett: Berkshire Hathaway seeks to extract lithium for EVs

IMPERIAL VALLEY: Billionaire Warren Buffett company Berkshire Hathaway is teaming up with Occidental Petroleum to extract lithium from geothermal brine in California’s Imperial Valley in the United States (US).

The partnership aims to support the electric vehicle (EV) battery market, a rapidly growing industry led by China, with the US and India scrambling to tap into its potential.

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Meanwhile, a trading glitch led Berkshire Hathaway shares to plummet to $185 per share. The shares dropped over 2 per cent to below $620,000,

This led to the the New York Stock Exchange (NYSE) to cancel all trades below $603,718.30 per share. The glitch also impacted other stocks, including Chipotle and GameStop.

Experts view the significant decline in Berkshire Hathaway’s Class A shares as a notable loss in the company’s market value. Analysts link the drop to shaky investor sentiment, indicating that investors may be uncertain or cautious about the company’s future performance.

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Expectations of high interest rates could also have contributed to the decline, as higher rates can impact the profitability of Berkshire’s investments and businesses.

Despite the setback, the decline in Berkshire Hathaway’s shares would not significantly impact the billionaire’s massive wealth. As of 2024, Warren Buffett has estimated net worth of $137 billion.