Greg Abel, Warren Buffett's designated successor, just increased his stake in Berkshire Hathaway significantly as he gets ready to take on more responsibility.
Greg Abel, Warren Buffett's designated successor, just increased his stake in Berkshire Hathaway significantly. Abel, vice chairman of Berkshire's non-insurance operations, established a $68 million position in Berkshire Class A shares on Thursday at between $405,000 and $408,000 per share, a regulatory filing showed. The price range represents a 25% discount from Berkshire's all-time high of $544,389 reached in March.
A March proxy filing showed he owned 5 A shares and 2,363 B shares, which were worth less than $3 million. Meanwhile, Abel's compensation over the five years including 2022 would likely to be close to $95 million, according to company filings. "This is an important first step for Mr. Abel to demonstrate his long-term commitment to BRK, as well as his alignment with shareholders," James Shanahan, Berkshire analyst at Edward Jones, said in a note.
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