Warren Buffett of Berkshire Hathaway confirmed to shareholders today that the company has approved a 50-for-1 split of its class B common stock.
Warren Buffett confirmed today on CNBC that at a Special Meeting of Shareholders held earlier today and that Birkshire Hathaway’s shareholders approved amendments to Berkshire’s certificate of incorporation that provide for a 50-for-1 split of its Class B Common Stock.
As a result each existing outstanding share of Class B Common Stock will be exchanged for fifty shares of New Class B Common Stock. There will not be a record date or a payable date.
The New Class B Common Stock will begin trading on the New York Stock Exchange as of the opening of the market tomorrow and the existing Class B Common Stock will cease trading as of the close of the market today.
BRK.B was up 4.56% at the time of this writing. I think the upside is now factored into this stock. I will continue to hold this stock after the split.