Ajit Jain, Vice Chairman of renowned American investor Warren Buffet’s company Berkshire Hathaway, has sold more than half of his stake in the company. This top executive of Warren Buffet has received $139 million from this stake sale. The company gave this information in an exchange filing on September 9. The exchange filing states that Jain sold his 200 shares of Class A at an average price of $6,95,418 per share. Just a few days before this sale, the market cap of Berkshire Hathaway had crossed Rs 1 lakh crore.
This sale of shares is 54% of Jain’s total stake in Berkshire. After the sale of shares, Ajit Jain is now left with only 61 shares in Berkshire. Apart from this, the family trust of Ajit Jain and his wife Indrima Jain has 55 shares, while the non-profit corporation Jain Foundation Inc. has 50 shares.
CNBC International spoke to David Cass, professor of finance at the University of Maryland’s Robert H. Smith School of Business, in this regard. He said, ‘This is an indication that according to Ajit, Berkshire’s shares have reached adequate valuation.’
Ajit Jain is 72 years old and is in charge of insurance operations at Berkshire Hathaway. According to reports, he was also in the race for the top job in the company, which went to Greg Abel last year.
