Warren Buffett's Bank of America Stake Continues to Shrink
Berkshire Hathaway's Recent Sale
Warren Buffett's Berkshire Hathaway has sold an additional 982 million dollars worth of Bank of America shares. This sale is part of Berkshire's ongoing reduction of its investment in Bank of America. The sale was revealed in a filing on Monday.
Berkshire's BofA Holdings
The sale leaves Berkshire with a stake of about 9.4% in Bank of America. Berkshire's stake in Bank of America has been declining steadily over the past few years. In 2017, Berkshire held a stake of about 12% in Bank of America.
Buffett's Reasons for Selling
Buffett has not publicly stated his reasons for selling Bank of America shares. However, there are a few possible explanations. Buffett may be concerned about the ongoing regulatory scrutiny of the banking industry. He may also be concerned about the potential for a recession.
Other Recent Sales
Berkshire's sale of Bank of America shares is part of a larger pattern of selling by Buffett. In recent months, Berkshire has also sold shares of other companies, including Apple and Wells Fargo.
Impact on Bank of America
The sale of Bank of America shares by Berkshire is likely to have a negative impact on the company's stock price. Bank of America shares have already declined by about 25% since the beginning of the year.
Conclusion
Warren Buffett's Berkshire Hathaway has sold an additional 982 million dollars worth of Bank of America shares. The sale is part of Berkshire's ongoing reduction of its investment in Bank of America. The sale leaves Berkshire with a stake of about 9.4% in Bank of America.
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