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Buffett continues to sell Bank of America (BAC.US) shares, totaling over $10 billion
Generated by AI AgentMarket Intel
Monday, Oct 7, 2024 9:20 pm ET1min read
Warren Buffett's conglomerate further reduced its stake in Bank of America (BAC.US), accumulating over $10 billion in sales over several months of frenzied stock selling.
According to a filing submitted on Monday, Berkshire Hathaway (BRK.A.US) earned over $10 billion in total proceeds from the 14th round of sales, reducing its stake in the second-largest US bank. The 94-year-old Buffett began trimming the massive investment in mid-July, putting pressure on the company's stock.
In the latest round of trading, Berkshire sold $383 million in three trading days, less than in previous rounds. The filings show Buffett's selling tends to slow when the stock falls to $39, which it closed at on Monday.
At current prices, the remaining 10.1% stake is worth about $31.4 billion.
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