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Home Wealth Management

Abel Buys $24.6 Million in Berkshire Stock – Validea’s Guru Investor Blog

admin by admin
April 3, 2023
in Wealth Management




Greg Abel, the Berkshire Hathaway executive who is the presumed heir apparent to CEO Warren Buffett, has purchased Berkshire stock worth $24.6 million, according to an article in Barron’s. With this latest purchase, Abel’s stake in the conglomerate is now about $105 million. Abel snapped up 55 class A shares for $447,259, bringing his A shares total to 228 shares, in addition to the 2,263 class B shares that he already owns.

Since 2018, Abel has been the head of Berkshire’s non-insurance businesses, and he bought the shares on the same day that Berkshire released its proxy, which revealed a new requirement that board members must own “a significant investment in Berkshire shares relative to their resources for at least three years,” the article reports. Before his $68 million purchase of stock last fall, Abel would not have met that requirement; previously, he only owned 5 class A shares as well as the aforementioned class B shares, worth less than $3 million. Over the last three years, Abel has been paid more than $19 million per year for his work, though Berkshire doesn’t compensate their executives in stock grants; executives must buy Berkshire stock on the open market.

Abel could be in a position to buy even more stock in the company. Last year, he sold back his 1% stake in Berkshire Hathaway Energy for $870 million, a sale that could have netted him more than $600 million after taxes. Abel’s recent stock purchase was made through his Gregory Abel Revocable Trust on behalf of his family, according to Barron’s.




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