Warren Buffett's planned successor plows $25 million into Berkshire Hathaway after the investor prods him to buy more stock
Abel, who heads up Berkshire's non-insurance operations, bought 55 of the company's Class A shares on Friday for about $447,000 each, or $25 million in total. AThe purchases, made via Abel's family trust, increased his Berkshire stake to 228"A" shares, valued at $105 million as of Tuesday's close. Abel also owns around 2,400 of the much cheaper"B" shares, worth about $716,000.
Abel owned just five"A" shares worth less than $3 million, along with his"B" shares, prior to September last year. HeEven with his latest purchases, Abel seems to fall short of Buffett's expectation that his successor hold a significant amount of his personal wealth in Berkshire stock.an astounding $870 million before taxes in return for selling his stake in Berkshire Hathaway Energy back to the company last year.
Buffett believes that bosses should hold sizeable stakes in their companies, as that means they have" " and do well when their shareholders do well. The investor has set an example by keeping virtually all of his $106 billion net worth in Berkshire stock.
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