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Buffett sells more BofA shares, reaping US$982m

Tan KW
Publish date: Wed, 28 Aug 2024, 12:12 PM
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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

 

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