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Warren Buffett loses $2 billion in 2 days on investments

Buffett called his sizable losses from his investment in Tesco a "huge mistake."

By Aileen Graef
Warren Buffett lost almost $2.5 billion in two days. UPI/Kevin Dietsch
Warren Buffett lost almost $2.5 billion in two days. UPI/Kevin Dietsch | License Photo

NEW YORK, Oct. 22 (UPI) -- Warren Buffett lost over $2 billion after Berkshire Hathaway saw its holding in Coke and IBM drop.

He lost $1 billion on Coke after it dropped 6 percent on Tuesday following a disappointing earnings report. Coke is one of the investment group's largest buys and the outlook for 2015 isn't any better.

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IBM dropped 7 percent after cutting its chip unit and reporting underwhelming earnings, causing a $1.3 billion loss for Buffett.

Earlier this month, Buffett cut Berkshire Hathaway's stake in the British grocer Tesco, calling the purchase of the stock a "huge mistake."

Despite the sizable losses, Buffett saw his favorite bank, Wells Fargo, jump $816 million since Monday morning.

Forbes' billionaires list puts Buffett as the third richest person in the world.

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