Ajit Jain, a key figure at Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) since 1986, has sold more than half of his shares in the company. Jain sold 200 Berkshire Class A shares on Monday for approximately $139 million.

What Happened: This sale represents around 55% of Jain’s total stake in the conglomerate. He now retains 61 Berkshire shares personally, 55 shares in a family trust, and 50 in the Jain Foundation. The shares were sold at an average price of $695,417.65 each, reported the Fortune.

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Jain’s decision to sell remains unclear, but Steve Check, president and CIO of Check Capital Management speculated it might be due to the stock being fully priced. Berkshire Hathaway’s stock has surged nearly 23% year to date, surpassing a $1 trillion market cap for the first time.

“The only reason I can come up with for why he is selling is he thinks the stock is fully priced,” Check said.

Tax considerations could also be a factor. Check suggested Jain might be taking advantage of current capital gains tax rates, which could increase if Vice President Kamala Harris‘s proposed policies are implemented.

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Jain has been instrumental in building Berkshire’s insurance businesses, which significantly contribute to the conglomerate’s revenue and earnings.

Why It Matters: Jain’s share sale comes at a time when Warren Buffett is making significant moves in the market. Recently, Buffett’s $13 billion investment in Occidental Petroleum has faced challenges, with shares plunging 29% since mid-April. This has led to speculation that Buffett might buy more shares, although he is unlikely to take over the company.

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Additionally, Buffett has been reducing his stake in Bank of America, selling nearly $7 billion worth of shares since mid-July. This has raised questions about his investment strategy, with Bank of America CEO Brian Moynihan stating, “I don’t know what exactly he is doing because frankly we can’t ask.”