Berkshire Hathaway resumed its stock repurchase program for the first time in nearly two years under new CEO Greg Abel. Abel confirmed in a CNBC interview that buybacks began on March 4. The CEO characterized this specific disclosure as a one-time event to maintain transparency during the leadership transition. Management consulted with former CEO Warren Buffett before determining the stock trades below its intrinsic value.
Abel also disclosed a personal purchase of approximately $15 million in Berkshire Class A stock. Berkshire Class B shares rose in premarket trading following the announcement. The buyback program provides a strategy for deploying the company's $373.3 billion cash reserve.