Sources said that Jain reportedly travelled to Delhi recently to finalise the transaction.
The SEC filing said Ajit Jain sold 200 of his Class A shares at an average of $695,418 per share, just days after the Berkshire Hathaway hit the $1 trillion market cap. The share sale is 54% of Jain's total stake in Berkshire.
Addressing the much-talked about succession plan at Berkshire Hathaway, legendary investor Warren Buffett on Saturday said the sprawling conglomerate has identified his successor.
Warren Buffett lavished praise on his reinsurance chief Ajit Jain on Saturday, saying the man many investors hope will succeed Buffett was devoted to Berkshire Hathaway and his work.
Known as the man with the Midas touch, billionaire Warren Buffett chairman of Berkshire Hathaway in an exclusive interview with CNBC-TV18’s Shereen Bhan says the Indian touch came in through convincing associates, including likely successor Ajit Jain. However, he says “the reason I am here is because of TaeguTec.”
The Oracle of Omaha, on his maiden visit to India, has been greeted with blazing cameras from the moment he landed in Bangalore and Warren Buffet is a man on a mission. CNBC-TV18’s Sajeet Manghat and Menaka Doshi report.