Warren Buffett sells $982 million worth of Bank of America shares in his latest sale
Berkshire has sold off about $5.4 billion worth of Bank of America shares in a series of sales since mid-July.
According to a regulatory filing on Tuesday, the conglomerate sold about 24.7 million shares of the lender between August 23 and 27.
Buffett, one of the world’s most respected investors, began investing in Bank of America in 2011 when Berkshire bought $5 billion worth of preferred stock.
The 93-year-old’s investment in the credit institution came at a time when some investors were worried about the bank’s capital needs.
The share sales mark a turnaround from last year, when Buffett particularly praised Bank of America and its CEO Brian Moynihan.
Even after the latest share sale, Berkshire remains the bank’s largest shareholder, owning 903.8 million shares valued at $35.85 billion (based on Tuesday’s closing price).
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Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri
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