Warren Buffett sold an additional US$982 million of Bank of America Corp (BofA) stock as his conglomerate continued to shrink its investment in the second-largest US bank.
His Berkshire Hathaway Inc has trimmed the stake by a total of almost 13% in a series of sales since mid-July, generating US$5.4 billion in proceeds. Berkshire disclosed the latest disposals in a regulatory filing late on Tuesday, detailing sales on Aug 23, 26 and 27.
Buffett has held silent about his reasoning while whittling the highly profitable bet - an investment that began when the stock was trading near US$5 in 2011. The shares were up 31% this year before the selling spree. They have since slid 10% to US$39.67.
The string of sales signals Buffett’s biggest pullback from an investment that long served as a stamp of approval on the leadership of BofA chief executive officer Brian Moynihan, whom the 93-year-old investor has repeatedly praised in public.
Berkshire still remains the bank’s biggest stockholder, with 903.8 million shares worth US$35.9 billion, based on Tuesday’s closing price.
- Bloomberg
Created by Tan KW | Aug 28, 2024
Created by Tan KW | Aug 28, 2024
Created by Tan KW | Aug 28, 2024