From CNBC: 2024-08-02 08:01:28

Warren Buffett continues to sell Bank of America shares, disposing of 19.2 million shares for almost $779 million. Berkshire Hathaway has been offloading shares for 12 consecutive days, totaling over $3.8 billion in sales. BofA has dropped 5.2% this week amid recession fears, yet is up 17% year to date.

Buffett initially bought $5 billion of BofA’s preferred stock and warrants in 2011. He converted warrants in 2017, becoming the largest shareholder. Despite positive earnings reports and rising investment banking fees, he has been shedding shares. Buffett had previously expressed confidence in the bank’s business, valuation, and management.

Read more: Buffett’s Berkshire sells $3.8 billion worth of Bank of America in 12-day selling spree