Billionaire Warren Buffett’s successor bought nearly $70 million worth of stock in the conglomerate he is slated to one day lead. But successor Greg Abel’s holdings pale in comparison to Buffett’s 30% of Berkshire’s voting stock.
Buffett successor buys nearly $70M of Berkshire stock
Billionaire Warren Buffett’s successor has bought nearly $70 million worth of stock in the conglomerate he is slated to one day lead.
On Monday Berkshire Hathaway Vice Chairman Greg Abel disclosed buying 168 Class A shares in the company in a filing with the Securities and Exchange Commission.
The purchases made last Thursday at prices between $405,800 and $408,514.01 per share will give Abel a small stake of 173 Class A shares in the Omaha, Nebraska-based company’s future.
His holdings pale in comparison to Buffett’s Berkshire investment. The legendary investor, who has been Berkshire’s Chairman and CEO for decades, holds 229,016 A shares and 276 B shares to give him control of more than 30% of Berkshire’s voting stock. He has been gradually giving his shares away to five foundations, with most of his donations going to the Bill and Melinda Gates Foundation.