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Buffett's successor buys nearly $70M of Berkshire stock

Billionaire Warren Buffett’s successor bought nearly $70 million worth of stock in the conglomerate he is slated to one day lead

By JOSH FUNK
Published - Oct 03, 2022, 07:14 PM ET
Last Updated - Jun 24, 2023, 04:47 AM EDT

OMAHA, Neb. (AP) — Billionaire Warren Buffett's successor bought nearly $70 million worth of stock in the conglomerate he is slated to one day lead.

Berkshire Hathaway Vice Chairman Greg Abel on Monday disclosed buying 168 Class A shares in the company in a filing with the Securities and Exchange Commission.

The purchases made last Thursday at prices between $405,800 and $408,514.01 per share will give Abel a small stake of 173 Class A shares in the Omaha, Nebraska-based company's future.

His holdings pale in comparison to Buffett's Berkshire investment. The legendary investor, who has been Berkshire's Chairman and CEO for decades, holds 229,016 A shares and 276 B shares to give him control of more than 30% of Berkshire’s voting stock. He has been gradually giving his shares away to five foundations, with most of his donations going to the Bill and Melinda Gates Foundation.

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