Oct 08, 2024 08:43 AM IST
Warren Buffett’s Berkshire Hathaway has now made over $10 billion from selling its Bank of America shares. In the latest round, it earned $383 million.
Warren Buffett’s conglomerate has added another zero to its haul from a months-long selling spree of Bank of America Corp. stock.
In its 14th round of disposals, Berkshire Hathaway Inc. eclipsed $10 billion of total proceeds from whittling its stake in the second-largest US bank, a regulatory filing on Monday shows. Buffett, 94, began paring the massive investment in mid-July, putting pressure on the stock’s price ever since.
In the latest batch, Berkshire reaped $383 million over three trading days, as it unloaded fewer shares than in many previous rounds. Buffett’s selling has tended to trickle off when the stock’s price falls toward $39, his company’s filings show. The shares closed at $39.96 on Monday.
Berkshire’s remaining 10.1% stake is worth about $31.4 billion at that price.
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