Iowa Man Buys $70 Million in Stock in a Single Day
On Monday, an Iowa man disclosed buying 168 shares of a company last week. That certainly isn't a shocking number, but with each share costing over $400,000, the total price tag certainly was.
Obviously, the man I'm talking about isn't your normal everyday joe. Needless to say, not many of us have a million dollars, let alone $70 million to spend on a single company.
The man who made that purchase last week is Greg Abel of Des Moines. While Greg Abel may not be a household name in most circles yet, it likely will be eventually. Abel is the Chairman of Berkshire Hathaway Energy, based in Des Moines, and Vice Chairman of Berkshire Hathaway. He's been chosen by billionaire Warren Buffett to eventually be his successor at Berkshire Hathaway.
Buffett is 92 but is not planning to retire. Abel has been with Berkshire Hathaway since January of 2018 when he became a member of the Board of Directors.
Abel's purchase of Berkshire Hathaway stock effectively is a case of putting your money where your mouth is. According to the Des Moines Register, Berkshire owns over 90 companies from Geico to Dairy Queen, in addition to major utilities. *MidAmerican Energy Company is a subsidiary of Berkshire Hathaway Energy.
In 2021, Investopedia said Abel's net worth was approximately $484 million. The 60-year-old's 2020 salary, including bonuses, was $19 million. Abel and his wife, Andrea, have one son. He has three grown children from a previous marriage.