Shares of Washington Post Co. (NYSE: WPO) suffered a brief sell-off yesterday afternoon when it was revealed that renowned billionaire investor Warren Buffett was resigning from the company’s board after three decades of service.
The stock recovered shortly afterwards and shares are slightly higher this morning.
Still, the market plunge reflects the power and influence of the Buffet name on Wall Street.
In a statement, Buffet indicated that he still valued the company highly – in fact, he remains WPO’s bigger stockholder, with about a 24 percent stake.
Speculation may increase that Buffet’s departure from the board may signal a subsequent disposing of his holdings, although there are no signs he will do that just yet.
However, the company’s shares have performed sluggishly over the past few years, over concerns about the future of the newspaper business.