Warren Buffett’s ongoing selling spree of Bank of America Corp. shares is approaching a significant regulatory threshold. After a dozen rounds of selling, Buffett’s Berkshire Hathaway Inc. now owns approximately 10.3% of the bank, according to a recent regulatory filing. Should this trend continue, his stake could fall below 10% within the next week, relieving him of the obligation to quickly disclose his trading activities. Instead, Berkshire would only need to provide quarterly updates once its ownership dips below this mark.
In the latest move, Buffett liquidated $461 million worth of stock over three days, bringing his total sales since mid-July to an impressive $9.4 billion. Despite these reductions, Berkshire’s remaining stake in Bank of America remains substantial, valued at nearly $32 billion based on Friday’s closing price, ensuring that the conglomerate continues to be the bank’s largest shareholder.
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