Berkshire Hathaway has started buying its own shares for the first time in 22 months as new chief executive Greg Abel deploys a record cash pile of nearly $400bn.
Abel, who took over as from chair Warren Buffett at the start of the year, separately disclosed that he bought $15.3mn in company shares. He told CNBC he was committed to purchase shares every year in the future.
The $15.3mn represented most of his expected after-tax earnings this year, which the company set at $25mn in January. Those purchases were meant to demonstrate his “absolute alignment” with Berkshire shareholders, he added.
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