Iowa Man buys $70 million in stocks in a single day
On Monday, an Iowa man revealed he bought 168 shares of a company last week. It’s certainly not a shocking number, but with each stock costing over $400,000, the total price certainly was.
Obviously, the man I’m talking about isn’t your everyday boyfriend. Needless to say, few of us have a million dollars, let alone $70 million to spend on a single business.
The man who made this purchase last week is Greg Abel from Des Moines. While Greg Abel isn’t a household name in most circles just yet, he probably will be eventually. Abel is chairman of Des Moines-based Berkshire Hathaway Energy and vice chairman of Berkshire Hathaway. He was chosen by billionaire Warren Buffett to eventually be his successor at Berkshire Hathaway.
Buffett is 92 but has no plans to retire. Abel has been with Berkshire Hathaway for January 2018 when he became a board member.
Abel’s purchase of Berkshire Hathaway stock is effectively a case of putting your money where your mouth is. According to Monks Register, Berkshire owns more than 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 is around $484 million. The 60-year-old’s 2020 salary, including bonuses, was $19 million. Abel and his wife, Andrea, have a son. He has three adult children from a previous marriage.