Warren Buffett says he will not support investment products or candidates

By Jonathan Stempel

(Reuters) – Warren Buffett will not endorse investment products or political candidates, according to a statement posted on conglomerate Berkshire Hathaway’s website, in an apparent effort to ward off people trying to capitalize on his reputation.

“In light of the increased use of social media, there have been numerous fraudulent allegations regarding Mr. Buffett’s endorsement of investment products, as well as his endorsement and support of political candidates,” the statement said. “Mr. Buffett does not currently and will not endorse investment products or endorse and support political candidates.”

Berkshire did not immediately respond to a request for comment Wednesday, including on which false endorsements prompted the statement, which is undated.

He told CNBC that the statement partially resulted from a false political endorsement on Meta Platforms’ social media platform Instagram.

“I don’t even know how to get on Instagram,” Buffett told the network. “Anything they see with my image or my voice, it’s just not me.”

Buffett, a Democrat, supported former Democratic President Barack Obama and former Democratic presidential candidate Hillary Clinton.

Investors often try to piggyback Berkshire when the Omaha, Nebraska-based conglomerate announces new investments. Buffett avoids cryptocurrencies and said many investors are better off owning stock index funds.

Buffett, 94, has run Berkshire since 1965. As of Tuesday, investors who have held the stock since then have seen an overall gain of more than 5,500,000%.

(Reporting by Jonathan Stempel in New York; Editing by Jonathan Oatis)