Warren Buffett has now sold a staggering $10.5 billion of Berkshire Hathaway’s stake in Bank of America in a matter of months.
New filings with the U.S. Securities and Exchange Commission shows the firm just sold an additional 8.54 million shares in September and October, worth $337.86 million.
The move follows Berkshire’s complete exit from JPMorgan Chase and Wells Fargo positions in recent years and marks 15 rounds of relentless BofA sales.
The selling has dropped Berkshire’s overall stake in the bank to below 10%, reports Fortune.
The threshold is significant, as it will allow Berkshire to report its BofA trades every quarter instead of every few days. That means investors won’t know if Berkshire continues to sell until mid-November.
Buffett has been tight-lipped on why he’s specifically reduced the firm’s exposure to Bank of America, although he outlined his concerns with the banking sector at large last year.
“You don’t know what has happened to the stickiness of deposits at all. It got changed by 2008. It’s gotten changed by this. And that changes everything.
We’re very cautious in a situation like that about ownership of banks.”
Despite the sell-off, Berkshire is still the top shareholder of Bank of America, with its position in the financial giant now worth about $31 billion.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Click Here to Read the Full Original Article at The Daily Hodl…
