Berkshire Hathaway Inc. stock fell about 2% or more than $2,660 per share in trading today (March 31) on Wall Street following Wednesday’s suprise announcement that David Sokol was resigning.
Sokol, long considered by outsiders to be the most likely candidate to replace Warren Buffett, resigned after purchasing shares of a company he suggested Buffett buy, the Wall Street Journal reported.
Berkshire owns roughly 80 subsidiaries, including No. 2 RV manufacturer Forest River Inc.
Its insurance and utility businesses typically account for more than half of the company’s net income. It also has major investments in such companies as Coca-Cola Co. and Wells Fargo & Co. Berkshire has more than 260,000 employees worldwide but only 21 at its headquarters in Omaha, Neb.