(Bloomberg) — Berkshire Hathaway Inc.’s vice chair of insurance coverage operations, Ajit Jain, offered $139 million value of his Class A shares in Warren Buffett’s conglomerate.
Most Learn from Bloomberg
Jain, certainly one of Buffett’s prime lieutenants, disposed of 200 of the Class A shares for about $695,418 every, in line with a regulatory submitting Wednesday. The disposal means the longterm govt is left with management of 166 such shares, 61 of which he straight owns.
When reached by cellphone, Jain declined to remark. Berkshire Hathaway didn’t instantly reply to a request for remark.
The transfer marks a shift for Jain, who added 50 Class A shares to his holding between March 2023 and March this 12 months. Nonetheless, he has been trimming his Class B stake within the conglomerate through the years, promoting greater than 70,000 such shares from March 2020 to March 2024, in line with previous proxy filings.
The manager joined Berkshire Hathaway in 1986 to work on the conglomerate’s insurance coverage operations, which embrace automobile insurer GEICO.
Buffett has lengthy praised Jain, saying in 2017 that he’s most likely made more cash for Berkshire than Buffett has. In 2018, Jain and Greg Abel had been named vice chairmen of the agency, with Abel, who’s a decade youthful than Jain, finally being tapped as Buffett’s successor.
Buyers have questioned whether or not Jain would stick round to assist Abel run issues as soon as Buffett, now 94, leaves the agency. Jain nonetheless owns extra Class B shares than Abel.
“We proceed to be snug that the pursuits of Mr. Jain and Mr. Abel are aligned with shareholders,” James Shanahan, an analyst at Edward Jones who covers Berkshire Hathaway, informed Bloomberg.
(Updates with further context beginning in fourth paragraph)
Most Learn from Bloomberg Businessweek
©2024 Bloomberg L.P.
