BERKSHIRE HAWKS HAVESAW STOCKS TO CLIMB AFTER ANTI-TRUMP TARGETS WERE OVERWHELMED by the latest stock market crash, the company said Friday.
Shares of Berkshire Hathway, which owns the majority of shares in the popular ride-hailing service Lyft, are expected to drop more than 40 percent after the tech company said it would discontinue its ride-sharing program in 2019.
Shares of the company have been on a tear since President Donald Trump took office in January, but the share price has tumbled by a third since.
Lyft’s stock fell more than 30 percent in January after the company began operating in California.
The ride-service company announced that it would shut down by the end of 2019, and Lyft has also been dealing with a massive influx of new users since Trump took the helm.
The company’s stock has dropped nearly 300 percent in the past month alone.
Berkshire Hathaways CEO Warren Buffett says the stock market is “a huge drag on the economy” and he said that the company’s investment in the U.S. will continue.
Buffett said in a statement that his investment in Lyft is “unquestionably the most important thing that we have done as an investment group.”
Berkshire Hathaws stock dropped in after-hours trading Friday as investors weighed the impact of the latest turmoil.
Berkshire has a long history of backing companies in the ride- and technology-heavy industry.
Buffett bought the stock of AT&T in 2011, and Berkshire Hathaw has a large investment in Sprint, which he said in 2015 would “never get off the ground.”