The announcement of repurchase came right after trading began at the stock market. The pending news caused a brief halt in the trading of Berkshire shares. In the anticipation of the news, there was speculation that there was significant news involving the chairman of the firm Warren Buffett.
Warren Buffett, 81, just recently finished getting treated for his prostate cancer. Much has been talked about the successor for Berkshire. In the meantime, Howard Buffett has been selected as the non-executive chairman of the Berkshire Hathaway upon the departure of his father. Nothing has been said about who will be the CEO of the company.
Berkshire Hathaway paid $131,000 per share for each of the 92,000 Class A shares. The rate is slightly higher than Tuesday’s closing price of $130,831. The price limit for repurchases has been raised to 120% of the book value.
Following the news, price of both the class A and B shares jumped by less than 2 percent.