Warren Buffett has now sold a whopping $10.5 billion of Berkshire Hathaway’s stake in Bank of America in just a few months.
New files Research by the U.S. Securities and Exchange Commission shows that the company sold an additional 8.54 million shares in September and October, worth $337.86 million.
The move follows Berkshire’s complete exit from JPMorgan Chase and Wells Fargo holdings in recent years and marks 15 rounds of brutal BofA selling.
The sale has reduced Berkshire’s total stake in the bank to less than 10%. reports Fortune.
The hurdle is significant because it allows Berkshire to report its BofA transactions quarterly instead of every few days. That means investors won’t know until mid-November whether Berkshire continues to sell.
Buffett has been tight-lipped about why he specifically reduced the company’s exposure to Bank of America outlined his concerns about the banking sector in general last year.
“You don’t know at all what happened to the stickiness of the deposits. It changed in 2008. It changed because of this. And that changes everything.
We are very cautious when it comes to bank ownership in such a situation.”
Despite the sell-off, Berkshire is still Bank of America’s largest shareholder, with a position in the financial giant now worth about $31 billion.
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