Buffett's deputy sold almost half of Berkshire's holdings.
A recently disclosed document shows that Ajit Jain, Vice Chairman of Berkshire Hathaway, Buffett's investment company, sold 200 shares of Berkshire's Class A common stock worth $139 million. After the sale, he still holds 166 shares worth approximately $112 million. These remaining shares are jointly held by Ajit, his spouse, children, and the Ajit Foundation's trust.
It is reported that Ajit joined Berkshire Hathaway from McKinsey in 1986 and has been one of the highest paid employees at Berkshire Hathaway, earning up to $20 million last year. Ajit, who is 73 years old, is one of Buffett's most trusted aides. He was promoted to Vice Chairman in 2018 and is currently mainly responsible for Berkshire Hathaway's insurance business. The insurance business is the cornerstone of Berkshire Hathaway's development, providing Buffett with funds to acquire companies and invest in listed stocks. Therefore, Ajit has long been considered one of the potential candidates to succeed Buffett, but in 2021, Buffett confirmed that energy business executive Greg Abel would take over his position.
There is speculation in the market about Ajit's sell-off, and David Cass, a finance professor at the Robert Smith School of Business at the University of Maryland, said, "This seems to indicate that Ajit believes Berkshire's valuation has reached its highest level