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The
conglomerate run by one of the world's most revered investors
has offloaded shares worth more than a combined $6 billion in
the second largest U.S. bank in seven rounds of share sales
since July.
Berkshire, BofA's top shareholder, disclosed that it had sold
roughly 21.1 million shares of the bank between Aug. 28 and Aug.
30.
Buffett started investing in the bank in 2011 when Berkshire
bought $5 billion of preferred stock. That purchase signaled his
confidence in CEO Brian Moynihan's ability to restore the lender
to health following the 2008 financial crisis.
Buffett, 93, had in April 2023 told CNBC that he liked Moynihan
"enormously" and did not want to sell the bank's stock at the
time.
BofA shares have gained 21% so far this year, compared with a
22.6% gain in the S&P 500 Banks Index, which tracks the
performance of large-cap banks.
(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur)
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