Category: Business

(NEW YORK) — A federal appeals court on Friday rejected TikTok’s bid to overturn a law banning the platform unless the company finds a new owner. The defeat inches the apps closer to a U.S. ban, which is set to take effect on Jan. 19.

This is a developing story. Please check back for updates.

 

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — The price of bitcoin dropped below $100,000 late Thursday, just a day after topping the milestone for the first time.

The world’s largest cryptocurrency continued to slide in early trading on Friday, before recovering some of the losses.

The turmoil for bitcoin did not appear to impact other major crypto coins. Ether, the second-largest cryptocurrency, climbed nearly 5% in early trading on Friday, exceeding $4,000 for the first time since March.

The turn of fortune for bitcoin interrupted a rally set off by the election of former President Donald Trump, who is viewed as friendly toward cryptocurrency.

Since Election Day, the price of bitcoin has climbed nearly 50%. That performance far outpaces the S&P 500, which has risen about 5% over the same period.

Bitcoin has proven highly volatile since its launch about 15 years ago.

As recently as 2021, bitcoin suffered a downturn that cut its value in half. The same thing happened a year earlier, when the initial outset of the pandemic triggered a panic among investors.

“As long as the narrative stays positive, there’s always room to grow,” Bryan Armour, the director of passive strategies research at financial firm Morningstar, told ABC News before bitcoin reached $100,000.

“It’s still a highly volatile asset,” Armour added.

A surge had propelled bitcoin past $100,000 late Wednesday, just hours after Trump nominated crypto booster Paul Atkins to chair the Securities and Exchange Commission.

Atkins, the CEO of consulting firm Patomak Partners, serves as co-chair of the Token Alliance, a cryptocurrency advocacy organization.

Once a crypto critic, Trump has vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump has also promised to establish the federal government’s first National Strategic Bitcoin Reserve.

In a post on Truth Social early Thursday, Trump took credit for the gains: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!.”

Trump has not spoken publicly about bitcoin since it fell below $100,000.

Copyright © 2024, ABC Audio. All rights reserved.

(WASHINGTON) — U.S. hiring surged in November, bouncing back from a dismal performance in the previous month and returning to strong growth.

Employers added 227,000 workers last month, exceeding economist expectations of 214,000 additional jobs, U.S. Bureau of Labor Statistics data on Friday showed. The unemployment rate ticked up to 4.2%, which remains historically low.

The fresh data offered a key clue about the health of the economy as the nation hurtles toward end-of-the-year holidays and the inauguration of President-elect Donald Trump. The findings could also help determine whether the Federal Reserve cuts interest rates when officials meet later this month.

U.S. hiring has defied doomsayers for years. Stubborn inflation, high interest rates and a contentious presidential campaign have proven no match for a resilient labor market.

A weaker-than-expected reading may have raised alarm and caused observers to revisit disappointing results in October, which many economists have attributed to one-off disruptions of data collection.

The labor market hit a rare speed bump in October as the economy added 12,000 jobs, its weakest performance since December 2020.

The data appeared to offer little more than a blurry snapshot due to data-gathering disruptions, however. A combination of hurricanes and work stoppages likely caused an undercount of hiring that month, experts told ABC News.

Despite an overall slowdown this year, the labor market has continued to grow. Hiring has persisted at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.

Overall, inflation has eased and the economy has expanded, giving rise to hope that the U.S. could achieve a soft landing.

U.S. GDP grew at a 2.8% annualized rate over three months ending in September, U.S. Bureau of Economic Analysis data last month showed. That figure fell slightly below economists’ expectations, but demonstrated brisk growth that was propelled by resilient consumer spending.

Inflation has slowed dramatically from a peak of more than 9% in June 2022, but price increases remain slightly higher than the Fed’s target of 2%.

The jobs report marks one of the last pieces of significant economic data before the Fed announces its next interest rate decision on Dec. 18.

The Fed is expected to cut interest rates by a quarter of a percentage point, according to the CME FedWatch Tool, a measure of market sentiment.

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — The price of bitcoin topped $100,000 for the first time ever late Wednesday, and soared to a fresh high in early trading on Thursday.

The new gains extended a rally set off by the election of former President Donald Trump, who is viewed as friendly toward cryptocurrency.

In a post on Truth Social on Thursday, Trump took credit for the gains: “CONGRATULATIONS BITCOINERS!!! $100,000!!! YOU’RE WELCOME!!!.”

Since Election Day, the price of bitcoin has climbed nearly 50%. That performance far outpaces the S&P 500, which has risen about 5% over the same period.

But the breakneck pace of bitcoin’s growth poses a quandary for investors: Is it too late to buy into the rally, or will the good times continue to roll?

Investment analysts who spoke with ABC News gave reason to be optimistic about further gains, citing expectations of a friendly regulatory environment under Trump and continued interest rate cuts at the Federal Reserve.

The surge of momentum alone may pull investors from the sidelines, propelling the price of bitcoin higher, they added.

Analysts, however, warned that bitcoin remains a highly volatile asset, making it all but impossible to predict where its price will go next.

“Bitcoin clearly has some things going in its favor,” said Mark Hamrick, Washington bureau chief and senior economic analyst for Bankrate.com.

“The problem with bitcoin is that it’s unclear what drives the underlying fundamentals of the asset,” Hamrick added. “If somebody were to ask me where bitcoin is going in the next week, month or year, I have no idea.”

At least for now, bitcoin is on a tear. The latest surge coincided with a piece of good news for the crypto industry: Trump’s nomination on Wednesday of Paul Atkins to chair the Securities and Exchange Commission.

Atkins, the CEO of consulting firm Patomak Partners, serves as co-chair of the Token Alliance, a cryptocurrency advocacy organization.

Once a crypto critic, Trump has vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump has also promised to establish the federal government’s first National Strategic Bitcoin Reserve.

The positive developments for crypto extend well beyond Trump. In recent months, the Fed has cut interest rates and forecasted additional rate cuts to come. In theory, lower rates could ease consumer borrowing costs and drive more investment in bitcoin.

Strong performance this year has also been driven by U.S. approval in January of bitcoin ETFs, or exchange-traded funds. Bitcoin ETFs allow investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the crypto coin itself.

Bret Kenwell, U.S. investment analyst at eToro, said those favorable conditions for bitcoin are likely to persist.

“Those same catalysts have the longer-term picture still looking bright for bitcoin,” Kenwell told ABC News in a statement.

Still, experts offered up warnings about the volatility of bitcoin. Even amid its meteoric rise this year, bitcoin experienced a temporary downswing that slashed one-third of its value, Kenwell noted.

As recently as 2021, bitcoin suffered a downturn that cut its value in half. The same thing happened a year earlier, when the initial outset of the pandemic triggered a panic among investors.

Bitcoin has proven sensitive to negative developments for crypto and the wider market in part because it is difficult to peg the value of the asset, Steve Sosnick, chief strategist at Interactive Brokers, told ABC News.

Stock investors typically assess the value of a company’s shares by evaluating its service or product. Since bitcoin isn’t currently used as anything besides a store of value, the lack of a clear utility leaves little basis for assessing bitcoin’s value, which contributes to its volatile price movements, Sosnick added.

“Bitcoin isn’t really used in the real world,” Sosnick said, noting the asset could still move higher nevertheless.

“Right now, the public is very enamored with bitcoin,” Sosnick said. “It’s foolish to say that any number – whether it’s $75,000 or $100,000 or anything – is the end of the rise.”

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — The price of bitcoin surpassed $100,000 for the first time on Wednesday, soaring to a fresh high as the world’s largest cryptocurrency extended a rally set off by the election of former President Donald Trump.

Bitcoin has climbed more than 40% since Election Day, when voters opted for a candidate viewed as friendly toward digital currency.

Those gains have far outpaced the stock market. The S&P 500 has increased about 2.4% over that period, while the tech-heavy Nasdaq has jumped 2.6%.

On the campaign trail, Trump vowed to bolster the cryptocurrency sector and ease regulations enforced by the Biden administration. Trump also promised to establish the federal government’s first National Strategic Bitcoin Reserve.

Trump said he would replace Securities and Exchange Commission Chair Gary Gensler, whom many crypto proponents dislike for what they perceive as a robust approach to crypto regulation.

Gensler announced that he plans to resign on Jan. 20, 2025, the date of Trump’s inauguration.

The post-election euphoria has lifted other parts of the crypto sector. Ethereum, the second-largest cryptocurrency, has climbed 27%. Lesser-known dogecoin has skyrocketed about 140%, while litecoin has surged 35%.

Shares of Coinbase, a top crypto trading platform, have increased more than 70% since Trump’s reelection.

The growth in recent weeks extends a remarkable turnabout for the once-beleaguered crypto industry. The sector entered this year bruised after a series of high-profile collapses and company scandals.

FTX, a multibillion-dollar cryptocurrency exchange co-founded by Sam Bankman-Fried, collapsed in November 2022. The implosion set off a 17-month legal saga that resulted in the conviction of Bankman-Fried for fraud. In April, Bankman-Fried was sentenced to 25 years in prison.

Changpeng Zhao, the founder and former CEO of major cryptocurrency exchange Binance, was sentenced to four months in prison in April after pleading guilty to charges that his platform had enabled illicit financial activity.

The reelection of Trump marks the latest in a series of positive developments that have buoyed cryptocurrency this year.

Those gains have been propelled, in part, by U.S. approval in January of bitcoin ETFs, or exchange-traded funds. Bitcoin ETFs allow investors to buy into an asset that tracks the price movement of bitcoin, while avoiding the inconvenience and risk of purchasing the crypto coin itself.

Last month, options on BlackRock’s popular iShares Bitcoin Trust ETF (IBIT) were made available for trading on the Nasdaq. The options, which provide a new avenue for bitcoin investors, allow individuals to commit to buy or sell the ETF at a given price by a specific date. While such investments typically come with additional risk, they can also make large payouts.

IBIT inched upward 1% on Friday, reaching a record high of about $56.

Bryan Armour, the director of passive strategies research at financial firm Morningstar, attributed the recent crypto surge to investors’ anticipation of friendly policy under Trump, as well as the newly available options trading for bitcoin ETFs.

Still, the performance of cryptocurrencies, including bitcoin, has proven volatile, Armour added. The price of bitcoin could fall, especially if Trump encounters difficulty following through on his campaign commitments, he said.

“As long as the narrative stays positive, there’s always room to grow,” Armour told ABC News before bitcoin reached $100,000. “I also think campaign promises don’t always come to fruition.”

“It’s still a highly volatile asset,” Armour added.

Copyright © 2024, ABC Audio. All rights reserved.

(BERLIN) — Workers for the largest online retailer in the world are planning to go on strike during one of the busiest shopping weekends of the holiday season.

Amazon employees are preparing to protest in 20 countries, including in major cities in the United States, Germany, the United Kingdom, Japan and Brazil, starting on Black Friday over “labor abuses, environmental degradation and threats to democracy,” according to UNI Global Union and Progressive International, a Switzerland-based global labor union.

Dubbed the “Make Amazon Pay days of resistance,” the strike is scheduled to last from Black Friday through Cyber Monday, the union announced in a press release. Demonstrators are calling for increased wages and for employees to be permitted to unionize.

The strike could lead to delays in holiday deliveries for customers, economy experts told ABC News.

Unions and allied groups around the world are planning to participate, according to UNI Global Union.

Thousands of workers in the German cities of Graben, Dortmund Werne, Bad Hersfeld, Leipzig, Koblenz and Rheinberg will also protest, in addition to hundreds in New Delhi, who are demonstrating to demand fair treatment following the mistreatment of workers during a heat wave in July, the union said.

The Association for the Taxation of Financial Transactions and Citizen’s Action will hold protests in multiple cities across France, and garment workers will also take to the streets in Bangladesh, the union said.

This year marks the fifth annual Make Amazon Pay demonstration, which aims to “hold Amazon accountable around the world” by targeting a busy holiday shopping weekend. In 2023, Amazon represented 18% of the worldwide Black Friday sales, with more than $170 billion in total holiday sales, according to an earnings report released earlier this year.

“Amazon’s relentless pursuit of profit comes at a cost to workers, the environment and democracy,” said Christy Hoffman, general secretary of UNI Global Union. “[Jeff] Bezos’ company has spent untold millions to stop workers from organizing, but the strikes and protests happening around the world show that workers’ desire for justice — for union representation — can’t be stopped. We stand united in demanding that Amazon treat its workers fairly, respect fundamental rights, and stop undermining the systems meant to protect us all.”

Amazon defended its treatment of workers in a statement to ABC News on Thursday.

“This group is being intentionally misleading and continues to promote a false narrative,” Amazon spokesperson Eileen Hards said. “The fact is at Amazon we provide great pay, great benefits, and great opportunities — all from day one. We’ve created more than 1.5 million jobs around the world, and counting, and we provide a modern, safe, and engaging workplace whether you work in an office or at one of our operations buildings.”

The company announced earlier this year a $2.2 billion investment to increase pay for fulfillment and transportation employees in the U.S. As a result, the average base wage for these employees is now more than $22 per hour and the average total compensation more than $29 per hour when the value of their elected benefits is factored in, according to the company.

Comprehensive benefits for these employees that begin on the first day of employment include health, vision and dental insurance; a 401(k) with 50% company match; up to 20 weeks paid leave, which includes 14 weeks of pregnancy-related disability leave and six weeks of parental leave; and Amazon’s Career Choice program, which prepays college tuition, according to Amazon.

An earlier statement to ABC News from Amazon stated: “While we’re always listening and looking at ways to improve, we remain proud of the competitive pay, comprehensive benefits and engaging, safe work experiences we provide our teams.”

Amazon workers have been outspoken in recent years about workers’ rights, especially as the 2020 COVID-19 pandemic increased the number of online orders. E-commerce sales in the U.S. increased by $244.2 billion — or 43% — in 2020, the first year of the pandemic, rising from $571.2 billion in 2019 to $815.4 billion in 2020, according to the Census Bureau’s Annual Retail Trade Survey.

In 2022, a worker-led independent group led the first-ever U.S. union at the company, unionizing a 6,000-employee Amazon warehouse in Staten Island, New York.

While subsequent attempts at facilities in Alabama and New York have failed, efforts have continued.

In June 2023, nearly 2,000 Amazon workers organized a walkout after a mandate to return to the office was issued. In Kentucky, Amazon employees who spoke to ABC News alleged that the company was leading a union-busting campaign to discourage employees from organizing.

Amazon told ABC News last year that the disciplinary action taken by the company at an Amazon facility in Kentucky came in response to infractions of company policy.

“Amazon squeezes everything that it can get, but it changes its behavior depending on its jurisdiction,” James Schneider, communications director for Progressive International, told ABC News this week. “Let’s say, in Sweden, it engages much better at how it operates with trade unions. But in the U.S., it engages in union busting.”

A 2022 report by the United Nations’ International Labour Organization found that post-pandemic inflation and the rising cost of living have been decreasing the value of minimum wage globally.

The rise of inflation has paved the way for collective action, experts say. (Starbucks was also part of the 2022 union resurgence.)

“Amazon is everywhere, but so are we. By uniting our movements across borders, we can not only force Amazon to change its ways but lay the foundations of a world that prioritizes human dignity, not Jeff Bezos’ bank balance,” said Varsha Gandikota-Nellutla, Progressive International’s co-general coordinator.

ABC News’ Max Zahn contributed to this report.

Copyright © 2024, ABC Audio. All rights reserved.

(WASHINGTON) — Tariff threats voiced by President-elect Donald Trump this week rippled through global stocks and triggered warnings from U.S. retail executives about the risk of higher prices.

Former President George W. Bush, who congratulated Trump a day after the election, has not commented on Trump’s remarks, in keeping with a low public profile. As recently as 2021, however, Bush criticized trade barriers, lamenting the GOP under Trump as “isolationist, protectionist.”

Trump’s support for tariffs and skepticism toward global trade departs from previous Republican presidents spanning the past four decades.

Presidents Ronald Reagan, George W. Bush, and his father, George H.W. Bush, each venerated free trade, though in some cases they put forward policies similar to Trump’s protectionist proposals.

“Trump is not talking about free trade,” John Hanke, a professor of applied economics at Johns Hopkins University and a former senior economist on the Council of Economic Advisers under Reagan. “Trump’s rhetoric is completely different.”

In response to ABC News’ request for comment, the Trump transition team said his tariff plans would boost the U.S. economy.

“In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation. President Trump will work quickly to fix and restore an economy that puts American workers by re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy,” Trump transition spokesperson Karoline Leavitt said.

Trump late Monday said he would charge Mexico and Canada with a 25% tariff on all products coming into the United States until action is taken by those countries to stem illegal immigration and the overflow of drugs across the border.

For China, Trump said that he’d impose an additional 10% tariff on products coming to the U.S.

The declarations of trade hostility echoed vows made by Trump on the campaign trail.

Speaking at the Economic Club of Chicago in October, Trump called “tariff” the “most most beautiful word in the dictionary.”

Tariffs as high as 2,000% would safeguard key U.S. industries, such as auto manufacturing, Trump said. In the absence of tariffs, Trump added, it’s “going to be the end of Michigan.”

The favorable tone toward protectionist policies contrasts with rhetoric voiced by Trump’s Republican predecessors.

Reagan, who served in the latter years of the Cold War in the 1980s, invoked free trade as a weapon in the fight against authoritarian adversaries abroad and perceived demagogues at home.

“Our peaceful trading partners are not our enemies; they are our allies,” then-President Ronald Reagan said in 1988, after signing a free trade agreement with Canada.

“We should beware of the demagogues who are ready to declare a trade war against our friends — weakening our economy, our national security, and the entire free world — all while cynically waving the American flag,” Reagan added.

The elder Bush, who had served as Reagan’s vice president, adopted a similar posture toward trade.

As president, George H.W. Bush sought to improve trade ties with China, and he helped establish the World Trade Organization, an international body that aims to facilitate global trade through a shared set of regulations.

In the early 1990s, Bush negotiated the North American Free Trade Agreement, or NAFTA, a trade pact between the U.S., Mexico and Canada.

“Free trade throughout the Americas is an idea whose time has come,” Bush said at a ceremony promoting NAFTA in December 1992.

“This century’s epic struggle between totalitarianism and democracy is over. It’s dead. Democracy has prevailed,” he added. “Today, we see unfolding around the world a revolution of hope and courage, propelled by the aspiration of ordinary people for freedom and a better life.”

The deal was ratified under Bush’s successor, President Bill Clinton, a Democrat.

During his first presidential campaign in 2016, Trump sharply criticized NAFTA, which had drawn criticism for allowing manufacturers to relocate plants abroad and lay off U.S. workers.

Weeks before the 2016 presidential election, Trump described NAFTA as “the single worst trade deal ever approved in this country.”

Like Reagan and his father, George W. Bush voiced support for free trade while in office. Since then, he has continued to back global commerce and oppose trade barriers.

“Since World War II, America has encouraged and benefited from the global advance of free markets, from the strength of democratic alliances, and from the advance of free societies,” George W. Bush said in 2017.

“Free nations are less likely to threaten and fight each other. And free trade helped make America into a global economic power,” George W. Bush added.

Despite their rhetoric, Trump’s predecessors within the Republican Party put forward some policies that resembled his proposals this week.

Reagan slapped 45% tariffs on Japanese motorcycles, and 100% tariffs on some Japanese electronics, seeking to counter that nation’s economic rise and bolster domestic industry. Reagan also placed an annual quota on the allowable number of imported Japanese cars.

“There was a huge gap between rhetoric and reality,” Hanke, the former Reagan administration economist, told ABC News.

For his part, George W. Bush attempted to protect the U.S. steel industry by placing tariffs on some steel imports. Facing pushback from the World Trade Organization and threats of retaliation from other countries, he removed the tariffs after 18 months.

 

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — The Dow Jones Industrial Average closed at a record high on Tuesday, achieving the milestone less than 24 hours after a tariff pledge from President-elect Donald Trump sparked fears of a panic in the stock market.

The S&P 500 also closed at a record high, surging about 0.55% on Tuesday to end the day at 6,021.63. The Dow ticked up about 0.25% during the day’s trading, closing at 44,860.31.

The tech-heavy Nasdaq advanced about 0.60%, ending the trading session at 19,174.30.

Trading began on Tuesday hours after Trump announced plans to slap tariffs on Canada, China and Mexico by executive order on the first day of his administration.

Trump late Monday said he would charge Mexico and Canada with a 25% tariff on all products coming into the United States until action is taken by those countries to stem illegal immigration and the overflow of drugs across the border.

For China, Trump said that he’d impose an additional 10% tariff on products coming to the U.S.

Economists widely forecast that tariffs of this magnitude would increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers.

Trump’s tariffs would cost the average U.S. household about $2,600 per year, according to an estimate from the Peterson Institute for International Economics.

The major indexes were bolstered by steady performance among some major firms.

Apple — which assembles many of its products in China but enjoyed key tariff exemptions during Trump’s first term — ticked up 0.12% on Tuesday. While Nvidia, the AI chipmaker that imports most of its semiconductors from Taiwan, rose 0.66% during the trading session.

Tesla, the electric vehicle company led by Trump-ally Elon Musk, has a manufacturing plant in Shanghai, China. Shares of the EV maker ticked down 0.11% on Tuesday.

ABC News’ Lalee Ibssa , Kelsey Walsh, and Soo Rin Kim contributed to this report.

 

Copyright © 2024, ABC Audio. All rights reserved.

(NEW YORK) — In a letter to shareholders, Warren Buffett revealed that he would be donating more than $1.1 billion of Berkshire Hathaway stock to four of his family’s foundations. In addition, he detailed plans for distributing his wealth after his death.

Buffett, the CEO and Chairman of Berkshire Hathaway, reflected in the letter released Monday on his life and how long he has lived.

“Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” Buffett said. “To date, I’ve been very lucky, but, before long, he will get around to me.”

Buffet, 94, said he and his late wife, Susan Buffett, always expected she would outlive him and be the one to distribute his fortune.

But when Susan died in 2004, with a fortune of $3 billion and 96% of that going to the foundation, she left $10 million to each of their three children.

That was the largest gift they had given them, Buffet said.

Buffett believes that parents should support their children but do so in a meaningful way.

“Our belief that hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing,” Buffett wrote in his letter to shareholders.

Buffett explains that he “never wished to create a dynasty or pursue any plan that extended beyond the children.” He also admits that while he and Susan encouraged the children to get involved in philanthropy, that the children weren’t ready to handle the wealth Berkshire stocks had generated in light of their mother’s death.

Since the 2006 lifetime pledge Buffett made and later expanded, the children have dramatically increased their philanthropic activities, Buffet said. And now Buffett is entrusting them fully.

“The children have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings,” Buffet said. “These now account for 99 1⁄2% of my wealth.”

Buffett has described his wealth and age as “lucky” but he also sees a downside to it, he said.

“There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.”

With his children getting older, the family has also designated three potential successors, Buffett said.

“Each is well known to my children and makes sense to all of us. They are also somewhat younger than my children,” Buffett said.

Buffett also reflects on his “lucky streak” dating back to 1930 when he was born as white male in the United States. He mentions his two sisters being promised by the 19th Amendment to be treated equally with males. And he admits to growing in a country that has not yet fulfilled its promises elsewhere.

“In 1930, however, I emerged in a country that hadn’t yet gotten around to fulfilling its earlier aspirations,” Buffett said. “Aided by Billie Jean King, Sandra Day O’Connor, Ruth Bader Ginsberg, and countless others, things began changing in the 1970s.”

Favored by male status, Buffet said he had confidence he would become rich one day. But he never expected it to be the way it is, he said.

“But in no way did I, or anyone else, dream of the fortunes that have become attainable in America during the last few decades,” Buffett said. “Billions became the new millions.”

Copyright © 2024, ABC Audio. All rights reserved.