Warren Buffett slams critics of stock buybacks after Democrats' scrutiny: 'Economic illiterate'

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Warren Buffett slams critics of stock buybacks after Democrats' scrutiny: 'Economic illiterate'
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Billionaire Warren Buffett, chairman and CEO of Berkshire Hathaway, pushed back on opponents of corporate stock buybacks in his annual letter to shareholders.

Warren Buffett, chairman and CEO of Berkshire Hathaway, criticized opponents of stock buybacks as being"illiterate" about economics who may be engaged in demagoguery.saw a slight increase in their per-share value in 2022 due to the firm’s repurchase of 1.2% of its outstanding shares and similar moves by Apple and American Express, in which Berkshire holds significant investments, Buffett wrote.

"If they had, in fact, invested in the production to keep gas prices down – instead they used the record profits to buy back their own stock, rewarding their CEOs and shareholders," Biden said.

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