Warren Buffett’s BofA Selling Spree Edges Toward Key Milestone
His Berkshire Hathaway Inc. now owns about 10.3% of the bank after the latest round of his 10-week selling spree, a regulatory filing shows.
(Source: Bloomberg)
(Bloomberg) -- A dozen rounds of selling have trimmed Warren Buffett’s stake in Bank of America Corp. to the cusp of a key regulatory threshold, in which he will no longer need to quickly notify the public of his trading.
His Berkshire Hathaway Inc. now owns about 10.3% of the bank after the latest round of his 10-week selling spree, a regulatory filing shows. If he maintains course, his stake would drop below 10% within a week or so, freeing him from the duty to swiftly disclose trades. Once Berskshire holds less than that, it can provide quarterly updates instead.
This time, Buffett liquidated $461 million of stock over the three days through Friday, according to the filing. That brought total sales since mid-July to $9.4 billion. Even then, Berkshire’s remaining stake in the lender is worth almost $32 billion, based on Friday’s closing price, preserving the conglomerate’s perch as the top shareholder.
