Berkshire sells around $1.48 billion Bank of America shares, filing shows
2:28 am Saturday, July 20th, 2024
(Reuters) -Berkshire Hathaway sold about 33.9 million shares of Bank of America for around $1.48 billion over multiple transactions this week, a regulatory filing showed.
After the sale, Berkshire owned about 999 million BofA shares.
Berkshire is one of the Charlotte, North Carolina-based lender’s largest shareholder. It also invests in several other banks, including Wells Fargo & Co and JPMorgan Chase
The conglomerate, owned by Warren Buffett, began investing in Bank of America in 2011, purchasing $5 billion of preferred stock plus warrants to buy 700 million common shares, at a time many investors worried about the bank’s capital needs.
(Reporting by Chandni Shah and Surbhi Misra in Bengaluru; Editing by Sam Holmes and Tomasz Janowski)
