Buffett is liquidating shares in an important US bank once again, with a third sale of his stake in the holding company. What is the billionaire doing?
Warren Buffett’s Berkshire Hathaway announced its third sale of Bank of America shares this month, reducing its massive and profitable stake in the bank by a total of more than $3 billion.
The sales mark the Oracle of Omaha’s biggest retreat from a bet that has long been an important vote of confidence in the management of Bank of America Chief Executive Officer Brian Moynihan.
The holding company, however, still holds a significant share of the stock. How much are Buffett’s Bank of America shares worth today?
Buffett sells Bank of America shares again
After this July sale, Berkshire’s stake in Bank of America was reduced by a total of 6.9%.
According to the filing, Berkshire still holds approximately 962 million shares of the bank, worth $39.5 billion at Monday’s closing price.
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Buffett initially invested $5 billion in Bank of America in Charlotte, North Carolina, during a dark period. The company was facing mounting legal liabilities after the 2008 financial crisis, and shareholders were increasingly concerned about the price its capital was paying.
Berkshire then continued to invest in Bank of America over the next decade, eventually seeking regulatory approval to amass a stake above 10%. Last year, as Buffett adjusted bets in the financial sector and exited some, he still singled out Bank of America as a stock to hold.
Original article published on Money.it Italy 2024-07-30 13:03:42. Original title: Buffet scarica $3 miliardi di questo titolo
