Billionaire Warren Buffett’s Berkshire Hathaway (NYSE: BRK-A) has unloaded more Bank of America (NYSE: BAC) stock as it continues to trim its stake in the U.S. banking giant, according to a regulatory filing.
Berkshire sold nearly 8.7 million shares for $370 million, as of October 15, the filing showed.
Last week, Berkshire sold 9.5 million shares worth $382.4 million, according to a separate regulatory filing. Its sales have reduced its stake in the bank to below 10%.
The investment giant began trimming its stake in mid-July when it sold about 33.9 million shares for around $1.48 billion. Since then, it has netted more than $10 billion from these sales.
Buffett, one of the world’s most revered investors, first invested in Bank of America (NYSE: BAC) back in 2011 when he purchased $5 billion worth of its preferred stock.
(Source: ReutersReuters)
Bank of America Berkshire Hathaway NYSE: BAC NYSE: BRK-A
