Yahoo Finance's Julie Hyman breaks down the latest headlines on North Korea launching a test missile in Pacific, Meta consolidating offices in New York City, and Warren Buffett's successor Greg Abel increasing his stake in Berkshire Hathaway.
JULIE HYMAN: In other headlines we're watching now, North Korea has fired a ballistic missile over Japan for the first time in five years and prompting the Japanese government to issue a rare warning for residents to seek shelter. That missile launch represented a major escalation by North Korea to challenge US and South Korean relations. The US and South Korea responded with joint bombing drills. That missile flew about 2,800 miles past northern Japan before falling into the Pacific Ocean.
Meta is closing one of its New York City offices as the company scales down its expansion plans, according to Bloomberg. The company is reportedly looking to terminate its lease at 225 Park Avenue South as it continues to consolidate its New York workforce, building out offices in Hudson Yards and moving forward with plans for Manhattan's Farley Building. This closure comes as Meta plans a hiring freeze and job cuts.
And Berkshire Hathaway vice chairman Greg Abel bought $68 million of the company's shares last week, according to filings. This appears to be his first purchase of the stock since he took the position in 2018. Filings reveal that he bought 168 class A shares, each costing more than $405,000 each, on behalf of a family trust. Abel had previously owned five class A shares and 2,300 class B shares Abel, by the way, the next in line to succeed Warren Buffett as CEO of Berkshire Hathaway.