Warren Buffett’s group added another zero to its portfolio from a months-long selling spree in Bank of America Corp shares.
In its 14th round of disposals, Berkshire Hathaway surpassed $10 billion in gross proceeds from trimming its stake in the second-largest U.S. bank, a regulatory filing showed Monday. Buffett, 94, began scaling back the massive investment in mid-July, putting pressure on the stock price ever since.
In the latest batch, Berkshire took in $383 million over three trading days, offloading fewer shares than in many previous rounds. Buffett’s sales tend to decline when the stock price falls toward $39, his company filings show. Shares closed at $39.96 on Monday.
Berkshire’s remaining 10.1% stake is worth about $31.4 billion at this price.
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