SEC filings and Berkshire Hathaway's public disclosures

Warren Buffett's Berkshire Hathaway Cuts $10 Billion Bank of America Stake Since July

Oct 10, 2024, 10:11 PM

Warren Buffett's Berkshire Hathaway has significantly reduced its stake in Bank of America (BofA), selling approximately $10 billion worth of shares since July. This reduction has brought Berkshire's holdings in BofA below the 10% regulatory threshold, which previously required rapid disclosure of trades. The conglomerate sold 9.5 million shares, trimming its stake to 10.1%, and subsequently further reduced it to below 10%. The sales were part of a broader strategy, including a $338 million sale and an open market sale of 3.9 million shares at $39.99 per share on October 8, and 1.6 million shares at $39.9 per share on October 10, according to SEC filings. Berkshire's remaining stake in BofA is now valued at approximately $31.4 billion. Despite these sales, Berkshire still holds 11% of BofA shares.