According to documents sent to the SEC, Berkshire sold approximately $383 million worth of the bank’s 9.6 million shares on October 3, 4, and 7.
Currently, the investment firm holds approximately 784.5 million shares of BofA. Therefore, Berkshire holds a 10.1% share of the bank.
MarketWatch points out that Berkshire must reveal the sale of securities within a brief period as long as its ownership in the bank remains above 10% (equivalent to about 776 million shares).
For 15 straight trading days, Berkshire has been offloading its BofA stocks. The investment firm started decreasing its ownership in the bank in mid-July, and since then it has reduced by over 20%.
Bank of America’s market value increased by 18.7% to $310 billion in early 2024, as the S&P 500 stock index also rose by 19.4%.
source: marketwatch.com
