Warren Buffett Private Jet Source Bing.com
Warren Buffett, the Oracle of Omaha, is known for his frugal lifestyle despite being one of the richest men in the world. However, there is one aspect of his life that contradicts his reputation for simplicity – his private jet.
The Acquisition
Warren Buffett Netjets Source Bing.com
In 1989, Buffett’s company, Berkshire Hathaway, acquired NetJets, a company that provides fractional ownership of private jets. This allowed Buffett to have access to a private jet without the hefty price tag of owning one outright.
The Benefits
Private Jet Benefits Source Bing.com
Having a private jet allows Buffett to travel to meetings and events on his own schedule without having to deal with the hassle of commercial air travel. He can also travel with a select group of people, making it easier to discuss business in a private setting.
In addition, the luxury and comfort of a private jet cannot be matched by commercial airlines. Buffett often works on his airplane, taking advantage of the quiet and uninterrupted environment to catch up on correspondence and reading.
The Cost
Private Jet Cost Source Bing.com
While owning a private jet outright can cost millions of dollars, fractional ownership through NetJets allows individuals to own a share of a jet without the full expense. However, the cost of owning a share can still be steep – a 25-hour jet card with NetJets can cost upwards of $150,000.
The Criticism
Private Jet Criticism Source Bing.com
Despite Buffett’s reputation for frugality, his ownership of a private jet has drawn criticism from some who see it as a contradiction to his values. However, Buffett has defended his decision by saying that the convenience and efficiency of a private jet allows him to be more productive and ultimately benefit Berkshire Hathaway and its shareholders.
The Legacy
Warren Buffett Legacy Source Bing.com
While Buffett’s private jet may seem like a contradiction to his reputation for simplicity, it is ultimately just a small part of his legacy. His success as an investor and his philanthropic efforts will be what he is remembered for, not his ownership of a private jet.