Investment titan Warren Buffett’s conglomerate, Berkshire Hathaway, has continued to pare down its massive stake in Bank of America, selling an additional $863 million worth of shares. This move brings the company’s ownership closer to the 10% mark, a regulatory threshold that triggers mandatory disclosure of trades within a short timeframe.
As of Tuesday, Berkshire Hathaway owns 10.5% of the second-largest US bank, according to regulatory filings. Despite months of selling, the conglomerate’s remaining stake in Bank of America remains substantial, valued at $32.1 billion based on Tuesday’s closing price. This ensures Berkshire’s position as the largest shareholder.
The 94-year-old Buffett initiated the sell-off in mid-July, gradually trimming the investment to avoid triggering regulatory requirements. Berkshire’s gradual divestment has been ongoing, with the company carefully navigating the regulatory landscape to maintain its significant stake in the banking giant.
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