Berkshire Hathaway Sells Over $10 Billion in Bank of America, Further Reducing Stake

Warren Buffett’s Berkshire Hathaway has reported exceeding $10 billion in total proceeds from its reduction of stakes in Bank of America, according to a regulatory filing released on Monday.

Buffett began to scale back his significant investment in the bank in mid-July, which has contributed to downward pressure on the stock’s price.

In this latest sales round, Berkshire Hathaway earned $383 million over three trading days, selling a smaller number of shares compared to previous transactions.

Historically, Buffett’s selling activity tends to slow when the stock price approaches $39, as shown in his company’s filings. At this level, Berkshire’s remaining 10.1% stake is valued at roughly $31.4 billion.

In September, Berkshire Hathaway further reduced its stake in Bank of America, selling 18.7 million shares between September 3 and September 5, which resulted in approximately $760 million in proceeds.