Warren Buffett’s Berkshire Hathaway Inc. reaped $779 million selling stock on July 30 through August 1.
Warren Buffett sold shares of Bank of America Corp. for the 12th straight day, trimming his conglomerate’s massive stake in the lender by a total of 8.8% — or $3.8 billion — since mid-July.
Warren Buffett, chairman and CEO of Berkshire Hathaway, is seen. (AP)
In the latest disposals, his Berkshire Hathaway Inc. reaped $779 million selling stock on July 30 through Aug. 1, according to a regulatory filing late Thursday. It still has more than 942 million shares of the Charlotte, North Carolina-based bank worth $37.2 billion, based on the day’s closing price.
So far, Buffett has kept silent about his reasons and intentions while whittling the highly profitable bet — an investment that began when the stock was trading near $5 in 2011. The shares were on a tear in the months before the selling spree — up 31% this year — but the price has since fallen more than 10% to $39.50, bringing it in line with the broader KBW Bank Index.
Altogether, the string of disposals constitute Buffett’s biggest pullback from an investment that has long served as a stamp of approval on the leadership of Bank of America Chief Executive Officer Brian Moynihan, whom the 93-year-old investor has repeatedly praised in public.
News/Business/ Warren Buffett’s Berkshire Hathaway sells Bank of America shares for 12th straight day
