As his conglomerate continues to reduce its position in the second-largest US bank, Warren Buffett sold an additional $982 million of Bank of America Corp. stock.
Since mid-July, Berkshire Hathaway Inc. has sold off a total of about 13% of the shareholding, bringing in $5.4 billion in revenue. In a late Tuesday regulatory statement, Berkshire revealed the most recent disposals, which included sales on August 23, 26, and 27.
Buffett started the incredibly lucrative wager when the stock was trading close to $5 in 2011. He has been mute about his thinking throughout the process. Before the selling frenzy, the shares had increased by 31% this year. After that, they fell by almost 10% to $39.67.
The series of sales marks Buffett’s largest retreat from an investment that for a long time validated the leadership of Bank of America CEO Brian Moynihan, whom the ninety-three-year-old investor has publicly commended.
With nine hundred and eighty-three million shares, valued at $35.9 billion as of Tuesday’s closing price, Berkshire is still the bank’s largest shareholder.
An official from Bank of America declined to provide a statement. An outside-of-regular-business-hours request for a response from Berkshire was not immediately answered.
