(Bloomberg) — Warren Buffett has sold another $982 million worth of Bank of America Corp. shares as his conglomerate continues to scale back its investment in the second-largest U.S. bank.
Most read from Bloomberg
His Berkshire Hathaway Inc. has cut its stake by nearly 13% in a series of sales since mid-July, generating $5.4 billion in proceeds. Berkshire disclosed the latest sales in a regulatory filing Tuesday night, detailing sales on Aug. 23, 26 and 27.
Buffett has kept his reasoning secret as he scales back the highly profitable bet — an investment that began when the stock was trading around $5 in 2011. Shares were up 31% this year before the selloff. They have since fallen 10% to $39.67.
The series of sales is Buffett’s biggest decision to pull out of an investment that has long served as an endorsement of the leadership of Bank of America CEO Brian Moynihan, whom the 93-year-old investor has repeatedly praised publicly.
Berkshire remains the bank’s largest shareholder, with 903.8 million shares worth $35.9 billion, based on Tuesday’s closing price.
Most read from Bloomberg Businessweek
©2024 Bloomberg LP
