🧵 1. Berkshire Hathaway, led by Warren Buffett, has sold $3.8 billion worth of Bank of America shares in a 12-day selling spree. Buffett not done selling BofA. #business
🧵 1. Berkshire Hathaway, led by Warren Buffett, has sold $3.8 billion worth of Bank of America shares in a 12-day selling spree. Buffett not done selling BofA. #business
🧵 2. The conglomerate shed 19.2 million BofA shares in recent days, fetching almost $779 million. Bank stock sells at an average price of $40.52 per share.
🧵 3. BofA falls to third on Berkshire's holdings list behind Apple & American Express. Berkshire holds 12.1% stake in the bank after offloading shares.
🧵 4. Bank of America's stock dropped 5.2% this week amid recession fears. Buffett famously bought BofA preferred stock in 2011, becoming largest shareholder.
🧵 5. Under Brian Moynihan's leadership, BofA reported strong Q2 results with rising fees and positive outlook. Buffett previously praised the bank's business and management.
🧵 Read more at: https://www.cnbc.com/2024/08/02/buffetts-berkshire-sells-3point8-billion-worth-of-bank-of-america-in-12-day-selling-spree.html