Berkshire Hathaway Sells $1.7 Billion Worth of Bank of America Shares
Berkshire Hathaway has made a significant move by selling another 30 million Bank of America shares, a stake valued at approximately $1.7 billion. This decision was reflected in Berkshire’s latest 13F filing for the second quarter, indicating a continued selling spree of BofA shares by Warren Buffett’s successor, Greg Abel.
Currently, Berkshire holds 483.4 million Bank of America shares, with a total worth of around $27.5 billion, solidifying its position as one of the company’s largest holdings. In addition to reducing its Bank of America holdings, Berkshire also decreased its stakes in Capital One and Ally. The firm cut its Capital One shares by 58% and Ally shares by 7%, reflecting strategic portfolio adjustments.
Interestingly, these sales occurred as Berkshire shifted its investment strategy to become a net buyer of stocks for the first time in several years. One of the notable additions to its portfolio was Alphabet, with Berkshire increasing its holdings in both Class A and Class C stock, making Google one of its major investments.
Furthermore, Berkshire Hathaway diversified its portfolio by adding new positions in companies such as Delta Air Lines, Lennar, The New York Times, and Macy’s. Additionally, the conglomerate opened a small stake in D.R. Horton, showcasing its continued interest in expanding its investment portfolio.
Berkshire Hathaway, known for its diverse range of businesses in insurance, railroad, energy, manufacturing, and public stock holdings, continues to make strategic investment decisions to maximize returns for its shareholders.
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