Berkshire Hathaway's Ajit Jain sells more than half his stake in co for $139 million: Report
Berkshire Hathaway's Vice Chairman Ajit Jain has sold more than half of his stake in the company, garnering $139 million, according to a media report.
According to the SEC filing, Jain sold 200 of his class A common stocks at an average of $695,418 per share, just days after Berkshire Hathaway hit the $1 trillion market cap. The share sale is 54% of Jain's total stake in Berkshire, a Moneycontrol report said.
Post the share sale, Ajit Jain owns only 61 shares of Berkshire, while family trusts in his and spouse Indirma Jain's name together hold 55 shares, with non-profit corporation Jain Foundation Inc in possession of 50 shares, the report said.
CNBC International quoted David Kass, Finance Professor at Robert H. Smith School of Business, University of Maryland posted saying, “This appears to be a signal that Ajit views Berkshire as being fully valued.”
Jain, 72, has been heading the insurance operations at Berkshire, and was reported to be in the contention to succeed the top job, which went to Greg Abel, earlier this year.
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