$RSG · CASCADE INVESTMENT, L.L.C.
Cascade Investment, L.L.C. — the investment vehicle of Bill Gates and a 10% owner of Republic Services — reported 7 separate open-market purchases totaling 735,303 shares at an aggregate cost of $164,701,666.04. The transactions were executed at prices between $222.81 and $225.35 per share. Post-transaction, Cascade holds 115,756,830 shares. No 10b5-1 plan was indicated, meaning these were discretionary buys.
- Total purchase value: $164.7M across 735,303 shares in 7 transactions
- Largest single tranche: 268,220 shares at $222.92 ($59.8M)
- Price range: $222.81 to $225.35 — all executed near current market levels
- Post-transaction stake: 115,756,830 shares (~35%+ of RSG's $68.2B market cap)
- No 10b5-1 plan — purchases were discretionary, not automated
RSG is down 0.48% in the regular session to $221.63. The filing shows a 10% owner deploying $164.7M at prices above the current quote, which typically signals strong conviction and could support the stock in after-hours and subsequent sessions.
A $164.7M discretionary buy by a 10% owner is one of the largest single-day insider purchases in the waste sector and signals strong conviction from one of the world's most closely-watched investors.
Republic Services is the second-largest waste management company in the U.S. behind Waste Management (WM). Cascade has been a multi-decade holder; continued accumulation reinforces the Gates-backed thesis on the waste industry's steady, recession-resistant cash flows.
Concentrated ownership risk: Cascade's 35%+ stake gives it outsized influence over corporate decisions, and any future disposition could create significant selling pressure.
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