Warren Buffett's conglomerates further reduced their shareholding in Bank of America, cashing out over a hundred billion US dollars in the continuous months of stock selling frenzy.
According to the Wise Finance APP, Warren Buffett's conglomerates further reduced their shareholding in Bank of America (BAC.US), cashing out over a hundred billion US dollars in the continuous months of stock selling frenzy.
According to a document submitted to regulators on Monday, in the 14th round of sales, Berkshire Hathaway (BRK.A.US) obtained total earnings exceeding 10 billion US dollars by reducing its stake in this second largest US bank. The 94-year-old Buffett started cutting down this huge investment from mid-July, putting pressure on the company's stock price ever since.
In the most recent round of trades, Berkshire cashed out 0.383 billion US dollars within three trading days, selling fewer shares than in previous rounds. The company's filing shows that Buffett tends to slow down the sales when the stock price drops to 39 US dollars. On Monday, the stock closed at 39.96 US dollars.
Based on the current stock price, Berkshire's remaining 10.1% stake is worth approximately 31.4 billion US dollars.