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Buffett's Berkshire continues to reduce Bank of America stake

ReutersOct 18, 2024 1:10 AM

(Reuters) - Billionaire Warren Buffett's Berkshire Hathaway has unloaded more Bank of America stock as it continues to trim stake in the U.S. banking giant, according to a regulatory filing.

Berkshire sold nearly 8.7 million shares for $370 million, as of Oct. 15, the filing showed.

Last week, Berkshire sold 9.5 million shares worth $382.4 million that brought its stake in the company to below 10%, according to a separate regulatory filing.

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 back 2011 when he purchased $5 billion worth of its preferred stock.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Tasim Zahid)

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