Berkshire Hathaway’s cash pile hits record $397 billion in Greg Abel’s first quarter as CEO
Berkshire Hathaway's cash reserves reached a record $397.4 billion at the end of March as the company continued selling stocks under new CEO Greg Abel. Operating earnings rose nearly 18% to $11.35 billion during the first quarter.
Berkshire Hathaway's cash and short-term investments hit a record $397.4 billion at the end of March. The company sold a net $8.1 billion worth of stocks during the quarter, marking its 14th consecutive quarter as a net seller of equities. Greg Abel began his first full quarter as CEO after taking over from Warren Buffett. Operating earnings rose nearly 18% to $11.35 billion. Berkshire restarted share buybacks, repurchasing about $234 million of its own stock. The company's growing cash pile reflects its caution amid record-high stock markets and difficulty finding large acquisitions.
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