Warren Buffett lost $1.4 billion from his fortune Tuesday after Wells Fargo stock fell 3.3 percent as it deals with a scandal.
The fallout comes from reports that bank employees opened more than two million accounts without clients’ approval, Bloomberg News reports.
Shares of Berkshire Hathaway, Inc., Wells Fargo’s largest shareholder, fell two percent, causing Buffett’s fortune to drop more than any other billionaire on the Bloomberg Billionaires Index.
J.P. Morgan Chase Bank overtook Wells Fargo as the world’s most valuable bank amidst these revelations of scandal on Wells Fargo’s end.
Buffett is currently the world’s fourth-richest person, with a net worth of $65.8 billion, according to Bloomberg News.
Buffett said in April that Berkshire Hathaway would do well regardless of whether Hillary Clinton or Donald Trump becomes president, although he is an ardent Hillary Clinton supporter.
At a recent fundraiser for Clinton, Buffett compared Donald Trump to Sen. Joseph McCarthy in Trump’s criticism against Khizr Khan, the father of Capt. Humayun Khan.