Anamika Dey, editor
The nine-day selling sequence of Berkshire Hathaway in its substantial Bank of America stake indicates that Warren Buffett is not merely reducing the long-standing holding.
The Omaha-based conglomerate sold a total of 18.4 million shares of the bank from Thursday to Monday for $767 million at an average price of $41.65, according to a new regulatory filing released late Monday. Berkshire has reduced its stake by 71.2 million shares over the course of the last nine trading sessions, resulting in sales of just over $3 billion.
Berkshire retains 961.6 million shares of BofA, which have a market value of $39.5 billion, following the selling frenzy. Berkshire’s second-largest equity holding is BofA, following Apple. However, if the conglomerate continues to sell its shares, it may fall below American Express, which is currently valued at $37.6 billion and is in third place.
Source : CNBC News
