In a decisive move, Warren Buffett, the billionaire CEO of Berkshire Hathaway, announced that he will not be endorsing any candidate in the upcoming 2024 U.S. presidential election. The 94-year-old, whose net worth is estimated at $146.3 billion, issued a memo through his company on Wednesday, clarifying his neutral stance. This announcement followed a fake Instagram post falsely claiming Buffett had endorsed a candidate.
Buffett, often referred to as the “Sage of Omaha,” has previously supported Democratic candidates. However, this time, he distanced himself from political endorsements. The statement from Berkshire Hathaway emphasized that any reports suggesting otherwise are fraudulent and warned of potential manipulation through the use of artificial intelligence (AI). The billionaire also addressed the dangers of AI in distorting public perception by creating fake content using his likeness.
AI Concerns and Media Manipulation
The fake Instagram post, which falsely portrayed Buffett’s political endorsement, prompted his firm to address the growing issue of AI-generated content. In a statement, the company warned that social media platforms are increasingly being used to spread misinformation about Buffett, including endorsements of investment products and political candidates.
Buffett himself expressed concern about the power of AI in manipulating media. Speaking to CNBC, he highlighted how easily his image or voice could be convincingly altered and distributed across social platforms. “I don’t even know how to get on Instagram,” Warren Buffett remarked, adding that any appearances of his image on the platform were fraudulent. He reiterated that he will not endorse any investment products or political candidates in the future.
While the statement didn’t specify particular instances of manipulation, Buffett’s holdings include major companies such as Apple, Bank of America, American Express, and Coca-Cola. His decision to stay neutral contrasts with his previous endorsements, including Hillary Clinton in 2016 and Barack Obama during his presidential campaigns in 2008 and 2012.
Other CEOs Take Sides, Buffett Stays Neutral
Buffett’s neutrality in the 2024 election comes at a time when other influential business figures have thrown their support behind various candidates. Reports have surfaced about JPMorgan CEO Jamie Dimon and Microsoft co-founder Bill Gates offering financial backing to Vice President Kamala Harris. According to the New York Times, Gates contributed $50 million to support Harris’s campaign. Meanwhile, Dimon has privately expressed support for Harris, despite publicly leaving the door open to endorsing Donald Trump.
In contrast, Tesla CEO Elon Musk has been vocally supportive of Trump, going as far as donating $75 million to Trump’s campaign and participating in rallies alongside the former president. Musk’s activism in the 2024 race has drawn scrutiny, including a recent investigation into his voter registration efforts.
Warren Buffett, however, has remained firm in his stance. Though he hasn’t elaborated on his reasons for staying out of the political fray this time, he hinted that he may address the issue at Berkshire Hathaway’s next annual meeting. As other CEOs become more involved in the political arena, Buffett’s decision to refrain from endorsing any candidate signals a clear departure from his previous political engagements.
