Warren Buffett shys away from political endorsements

Oct 23 (Reuters) – Warren Buffett will not endorse investment products or political candidates, according to a statement on conglomerate Berkshire Hathaway’s BRKa.N website, in an apparent effort to ward off people trying to capitalize on his reputation.
“In light of the increased usage of social media, there have been numerous fraudulent claims 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 prospectively endorse investment products or endorse and support political candidates.”
Berkshire did not immediately respond to a request for comment on Wednesday, including on which bogus endorsements prompted the statement, which is undated.
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He told CNBC the statement resulted partially from a fake political endorsement on Meta Platforms’ META.O Instagram social media platform.
“I don’t even know how to get on Instagram,” Buffett told the network. “Anything they see with my image or my voice, it just ain’t me.”
Buffett, a Democrat, has been a supporter of Democratic former President Barack Obama and Democratic former presidential candidate Hillary Clinton.
Investors often try to piggyback on Berkshire when the Omaha, Nebraska-based conglomerate announces new investments. Buffett shuns cryptocurrency, and has said many investors are better off owning stock index funds.
Buffett, 94, has run Berkshire since 1965. Through Tuesday, investors who have owned the stock since then have had a more than 5,500,000% overall gain.
Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis