Warren Buffett’s Berkshire Hathaway Continues Major Selloff of Bank of America Shares, Trimming Stake Below 10%

Warren Buffett’s investment conglomerate, Berkshire Hathaway, continues to reduce its stake in Bank of America (BAC), according to recent regulatory filings. As of October 15, the firm sold approximately 8.7 million shares of Bank of America, valued at $370 million. This comes after last week’s sale of 9.5 million shares, bringing the total stake below 10%.

Since mid-July, Berkshire Hathaway has been steadily trimming its holdings in Bank of America, amassing more than $10 billion in proceeds from these sales. The selloff began with the disposal of 33.9 million shares, valued at around $1.48 billion. Buffett’s actions have sparked curiosity among investors, wondering what this means for the long-term outlook on financial stocks.

Berkshire first invested in Bank of America in 2011, buying $5 billion worth of preferred stock as part of a deal to support the bank during the aftermath of the financial crisis. Bank of America has since become a key holding for Buffett, but the recent wave of share sales raises questions about the banking giant’s future role in his portfolio.

While Buffett still maintains a significant position in Bank of America, this strategic move is part of a broader portfolio rebalancing effort, including investments in sectors like technology and energy. Investors around the world look to Warren Buffett’s actions as guidance for navigating the uncertain market conditions.

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