Warren Buffett’s Berkshire Hathaway sells 19 million Bank of America shares for $760 million, raising questions about his future stake in the bank.
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Warren Buffett and Berkshire Hathaway ($BRK.B) has filed for its sale of another 19M shares of Bank Of America ($BAC) for around $760M pre taxed. Total selling from the beginning of quarter 2 has accumulated to around $7 Billion in Bank OIf America holdings into cash. Buffett still remains the largest shareholder of Bank Of America at around 11% (which today is valued north of $30 Billion). If Buffet continues to sell and enters the range of holdings below 10%, filing requirements change and the rules in regards to reporting for Buffett will change as well.
Buffet has been building Berkshire's stake in Bank Of America since 2011 with a $5 Billion deal, but after years of collecting the stock and holding, Buffet has not talked to the public openly on an explanation for why the selling has occurred on his end. Investors will watch $BAC as markets continue to get volatile leading up to the election.
