CEO Morning Brief

Buffett’s Bank of America Stock Selling Spree Surpasses US$10b

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Publish date: Wed, 09 Oct 2024, 09:58 PM
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TheEdge CEO Morning Brief

(Oct 8): Warren Buffett’s conglomerate has added another zero to its haul from a months-long selling spree of Bank of America Corp stock.

In its 14th round of disposals, Berkshire Hathaway Inc eclipsed US$10 billion (RM42.86 billion) of total proceeds from whittling its stake in the second-largest US bank, a regulatory filing on Monday showed. Buffett, 94, began paring the massive investment in mid-July, putting pressure on the stock’s price ever since.

In the latest batch, Berkshire reaped US$383 million over three trading days, as it unloaded fewer shares than in many previous rounds. Buffett’s selling has tended to trickle off when the stock’s price falls towards US$39, his company’s filings showed. The shares closed at US$39.96 on Monday.

Berkshire’s remaining 10.1% stake is worth about US$31.4 billion at that price.

Source: TheEdge - 9 Oct 2024

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