Warren Buffett’s Berkshire Hathaway Cashes In on Bank of America Stake
Warren Buffett, the billionaire investor with a Midas touch, has been quietly trimming his stake in Bank of America. According to recent regulatory filings, Berkshire Hathaway, Buffett’s investment conglomerate, has sold nearly 8.7 million shares of the banking giant, raking in a cool $370 million.
A Pattern of Profit
This latest sale is part of a larger trend. Just last week, Berkshire offloaded 9.5 million shares worth $382.4 million, bringing its stake in Bank of America below the 10% mark. The investment giant first began shedding its Bank of America shares in mid-July, selling around 33.9 million shares for a whopping $1.48 billion. To date, these sales have netted Berkshire a staggering $10 billion.
A Decade-Long Investment
Buffett’s involvement with Bank of America dates back to 2011, when he invested $5 billion in the company’s preferred stock. At the time, it was a bold move, but one that has ultimately paid off handsomely.
What’s Behind the Sell-Off?
While Buffett’s motives for selling remain unclear, one thing is certain: Berkshire Hathaway is cashing in on its Bank of America stake. With billions of dollars in profits already secured, it will be interesting to see what the investment giant does next. One thing is for sure – Warren Buffett’s investment prowess continues to inspire awe and admiration from investors around the world.
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