Berkshire Hathaway has been steadily backing off its longtime stake in the Charlotte, NC-based lender.
Billionaire investor Warren Buffett ’s Berkshire Hathaway sold nearly $1 billion worth of Bank of America shares as his firm continues to cut its stake in the second-largest US lender.
The conglomerate sold about 24.7 million Bank of America shares, worth $981.9 million, between last Friday and Tuesday, according to a regulatory filing Tuesday.Meanwhile, Berkshire Hathaway’s market cap surpassed $1 trillion on Wednesday, reflecting investor confidence in the conglomerate that Buffett built over nearly six decades into what many consider a proxy for the American economy.
Berkshire’s stock sell-off is a sharp pivot from last year, when the 93-year-old known as the “Oracle” and the “Sage of Omaha” praised Bank of America and its CEO Brian Moynihan, who took the helm in 2010.But The firm started investing in the major US bank in 2011, when it bought $5 billion of preferred stock.Buffett’s involvement with the bank coincided with struggles following the 2008 financial crisis, and his investment helped to calm investor concerns and drive the share price up.Despite the firm’s latest sale, it is still Bank of America’s largest shareholder. Buffett’s firm owns 903.8 million shares worth $35.85 billion, based on Tuesday’s closing price.
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