Ajit Jain, the chief executive and head of insurance for Warren Buffett, sold over half of his Berkshire Hathaway stock.
On Monday, at an average price of $695,418 per share, the 73-year-old vice chairman of insurance operations sold 200 shares of Berkshire Class A shares, for a total estimated value of $139 million.
This left him with just 61 shares, while his non-profit organisation, the Jain Foundation, has 50 shares and family trusts, set up by him and his spouse for the benefit of their offspring, own 55 shares. 55% of his entire Berkshire holding was sold on Monday.
Jain’s interests have decreased significantly since joining Berkshire in 1986, as a result of the relocation.
Although it’s unclear what drove Jain’s sales, he did profit from Berkshire’s recent price peak. By the end of August, the conglomerate had traded above $700,000 and had a $1 trillion market capitalisation.
Source (CNBC)
