Billionaire Warren Buffett Sells Bank of America: 3 Possible Reasons Why
Warren Buffett has indisputably one of the best investing track records of all time, so it's no surprise that many investors closely track every move the 93-year-old billionaire makes.
Buffett's stock moves are usually disclosed in his conglomerate Berkshire Hathaway's (NYSE: BRK.A) (NYSE: BRK.B) 13-F filings, released 45 days after quarter-end. However, when Berkshire owns more than 10% of a company and trades in the stock, it has to file a disclosure right away. That happened last week, when Berkshire disclosed it sold about 34 million shares, or $1.48 billion, worth of Bank of America (NYSE: BAC), Berkshire's second-largest common stock holding, between Wednesday and Friday.
To be sure, that marks a trim of only 3.4%, as Berkshire still holds 999 million shares. Still, this is the first sale of the stock by Buffett since 2019, when he trimmed the stake for regulatory reasons, before Berkshire received permission to own more than 10% of the stock.
Source Fool.com
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