Buffett's Berkshire Hathaway has trimmed the stake by a total of almost 13% in a series of sales since mid-July, generating US$5.4bil in proceeds. — Bloomberg
NEW YORK: Warren Buffett has sold an additional US$982mil of Bank of America Corp (BofA) stock as his conglomerate continues to shrink its investment in the second-largest US bank.
His Berkshire Hathaway Inc has trimmed the stake by a total of almost 13% in a series of sales since mid-July, generating US$5.4bil in proceeds.
Berkshire disclosed the latest disposals in a regulatory filing detailing sales on Aug 23, 26 and 27.
Buffett has held silent about his reasoning while whittling the highly profitable bet – an investment that began when the stock was trading near US$5 in 2011.
The shares were up 31% this year before the selling spree.
They have since slid 10% to US$39.67. — Bloomberg
