(Reuters) – Ajit Jain, Berkshire Hathaway Inc.’s vice chair of insurance operations, recently sold $139 million worth of his Class A shares in Warren Buffett’s conglomerate.
This move comes as Jain, a key lieutenant of Buffett, disposed of 200 Class A shares at a price of approximately $695,418 each, as disclosed in a regulatory filing on Wednesday. Following this sale, Jain retains control of 166 Class A shares, with direct ownership of 61.
When contacted for comment, Jain declined to provide a statement. Berkshire Hathaway has not yet responded to requests for comment.
Notably, Jain had increased his stake in Berkshire Hathaway by acquiring 50 Class A shares between March 2023 and March of this year. However, he has been gradually reducing his holdings of Class B shares in the company, selling over 70,000 such shares from March 2020 to March 2024, as indicated in previous proxy filings.
Having joined Berkshire Hathaway in 1986 to oversee the conglomerate’s insurance operations, which include GEICO, Jain has been highly regarded by Buffett. In fact, Buffett once remarked that Jain may have generated more profits for Berkshire than he himself has. In 2018, Jain and Greg Abel were appointed vice chairmen of the firm, with Abel positioned as Buffett’s potential successor due to his younger age.
There has been speculation among investors about Jain’s future with the company post-Buffett’s departure, especially in relation to Abel’s leadership. Despite this, Jain still holds more Class B shares than Abel, indicating a continued alignment of interests with shareholders.
James Shanahan, an analyst at Edward Jones covering Berkshire Hathaway, expressed confidence in the shared interests of Jain and Abel, reassuring investors of their commitment to shareholder value.
(This article includes additional context starting in the fourth paragraph)
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