Ajit Jain, Vice Chairman of Berkshire Hathaway, has significantly reduced his stake in the investment conglomerate founded by Warren Buffett. Jain announced that he sold 200 Class A shares worth $139 million, thus drastically cutting his ownership in the company.

According to a filing with the U.S. Securities and Exchange Commission (SEC), after the sale, Ajit Jain still holds 166 shares directly and indirectly, valued at approximately $112 million, as reported by «Bloomberg» and the «Financial Times».

The remaining shares are distributed between Jain and trusts for his wife, children, and the Jain Foundation. Previously, Jain had also transferred some of his shares to a foundation supporting research for a rare disease affecting his son.

Vice Chair Since 2018

Ajit Jain, who has served as Vice Chair of Berkshire Hathaway since 2018, joined the company in 1986 from McKinsey & Company. The 73-year-old oversees Berkshire's insurance business, a crucial pillar of the company's financial strength. Along with Greg Abel, Jain was appointed Vice Chair in 2018, reinforcing Berkshire's leadership structure. His compensation last year was around $20 million.

Greg Abel has been viewed as Warren Buffett's designated successor since 2021.

Created Billions in Value

In a 2017 shareholder letter, Warren Buffett praised Jain, saying «Ajit has created tens of billions of dollars of value for Berkshire shareholders. If you could swap me for another Ajit, don’t hesitate. Make the trade!»

Wealth transfer and philanthropy have long been central to Buffett’s philosophy. Buffett himself has pledged to donate 99 percent of his wealth to charitable causes, beginning that commitment in 2006. Roughly half of his donations have gone to the Bill & Melinda Gates Foundation.

«The Giving Pledge»

At the end of June, Buffet gifted Berkshire stock worth $5.3 billion to five foundations. Since starting his donations under «The Giving Pledge» he has given away over $57 billion in Berkshire shares, representing more than half of his stake. Nevertheless, his net worth is still estimated at around $130 billion.

Other notable billionaires have also joined the initiative, including OpenAI CEO Sam Altman, former New York Mayor Mike Bloomberg, investor Carl Icahn, Elon Musk and Facebook founder Mark Zuckerberg.