Berkshire Hathaway, the investment conglomerate led by legendary investor Warren Buffett, has sold a portion of its holdings in Bank of America according to a public filing made on July 20th, 2024.
The filing reveals that Berkshire Hathaway sold approximately 34 million shares of Bank of America for a total of $1.48 billion. This divestiture comes despite a recent rise in Bank of America's stock price, which has climbed 7.9% so far in July.
Despite the sale, Berkshire Hathaway remains a significant shareholder of Bank of America. The company still holds over 998 million shares, with a total value exceeding $42 billion. This continues to position Berkshire Hathaway as one of the bank's largest shareholders.
The reasons behind Berkshire Hathaway's decision to trim its stake in Bank of America are not entirely clear from the public filing. Investors will be watching closely to see if Buffett offers any commentary on the sale in future interviews or Berkshire Hathaway's next quarterly report.
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