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Warren Buffett, at his annual meeting in Omaha, Nebraska, warned shareholders about the potential danger of artificial intelligence scams. He stated that the technology, while having potential for good, could be exploited by fraudsters and cause more harm than benefit. Buffett revealed an incident where a fake video of him was generated, demonstrating the potentially deceptive power of the technology.
Despite a drop in Berkshire Hathaway’s earnings during the first quarter, with profits falling by 64% from last year, Buffett encouraged investors to focus on the company’s operating earnings, which rose by 39%. This was mainly due to the good performance of the insurance companies the conglomerate owns.
The meeting was a memorable one, attracting investors from all over the world. Many attendees were driven by the chance to learn from Buffett, a stalwart figure of the industry. Regardless of the business’s financial performance, the atmosphere was festive with Squishmallows of Warren Buffett and the late Charlie Munger sold out.
The meeting also marked the first time Munger was not present, following his demise last year. Known for his witty one-liners and his crucial role in building Berkshire Hathaway, Munger’s absence was noted.
Shareholders also got a better introduction into the executives that will lead the company forward, including Ajit Jain, who oversees the insurance units, and Buffett’s named successor, Greg Abel, who manages the rest of the businesses. Buffett expressed confidence in Abel, however, it will be up to the board to make the final decision.
Despite rumors of his retirement, Warren Buffett assured his audience that he hopes to attend next year’s meeting.
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