Berkshire Hathaway continues to reduce stake in Bank of America
Date
8/29/2024 5:55:16 AM
(MENAFN) Berkshire Hathaway, the investment firm led by billionaire Warren Buffett, has further reduced its holdings in bank of America by selling additional shares worth USD982 million. This move was detailed in a regulatory filing submitted late Tuesday, which revealed that the transactions occurred on August 23, 26, and 27. The sales were executed in three separate transactions: the first on August 23 involved approximately 6.75 million shares; the second on August 26 saw 10.97 million shares sold; and the final transaction on August 27 involved about 6.93 million shares. Despite these reductions, berkshire hathaway remains the largest shareholder in Bank of America, holding 903.8 million shares valued at USD35.9 billion based on the closing price from Tuesday.
Over the past month, Berkshire Hathaway has cut its total stake in Bank of America by roughly 13 percent, generating approximately USD5.4 billion in revenue through a series of sales. Earlier in August, the company disclosed it had sold around 19.2 million shares for USD779 million between July 30 and August 1. Additionally, last month, Berkshire Hathaway divested about 33.9 million shares for around USD1.48 billion across multiple transactions. Berkshire Hathaway first invested in Bank of America in 2011, purchasing USD5 billion worth of shares when investor confidence in the bank was low due to concerns about its capital needs.
Warren Buffett, the chairman and CEO of Berkshire Hathaway, is currently ranked sixth on the Forbes list of the world's richest individuals with a net worth of USD144.9 billion. His company, Berkshire Hathaway, holds the position of the eighth largest company globally, with a market capitalization of USD934.5 billion.
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