Buffett has now sold $10B in BofA stock, but still holds $34B

Buffett has now sold $10B in BofA stock, but still holds $34B
Veteran investor has sold 14 times, pressuring bank's share price.
OCT 08, 2024
By 

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 $10 billion of total proceeds from whittling its stake in the second-largest US bank, a regulatory filing on Monday shows. 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 $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 toward $39, his company’s filings show. The shares closed at $39.96 on Monday.

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

 

Latest News

The fight over the CFPB is just beginning
The fight over the CFPB is just beginning

Locked out of their offices and told to stay home, employees at the Consumer Financial Protection Bureau have asked the courts to intervene as Elon Musk and Republican leaders move to shut down the agency that was established to protect people from predatory lending and financial scams.

Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership
Business-focused wealth tech RISR lands $8B Wealthcare Capital Management partnership

Fintech platform interVal has also introduced a new feature to help advisors support entrepreneurial business owner clients better.

LPL boosts revenue potential with amped-up alts platform
LPL boosts revenue potential with amped-up alts platform

Along with greater revenue, alternative investments also carry risks, one industry lawyer noted.

How SageSpring Wealth Partners' next-gen strategy has fueled its success
How SageSpring Wealth Partners' next-gen strategy has fueled its success

President Jeff Dobyns unpacks the strategic power of mentorship, what makes an "ideal team player," and how the firm's 89 percent success rate has paid off for veteran advisors.

Powell heads for hot-seat hearings with ongoing pressure from Trump policies
Powell heads for hot-seat hearings with ongoing pressure from Trump policies

The Fed chair is in for some "hyper-charged" meetings, with legislators likely to raise questions on tariff threats and apparent steps to comply with anti-DEI orders.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.